As filed with the U.S. Securities and Exchange Commission on April 21, 2023

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22668

ETF Series Solutions
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

(414) 516-1645

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: February 28, 2023

Item 1. Reports to Stockholders.

(a)

Semiannual Report

February 28, 2023 (Unaudited)

Nationwide ETFs

Nationwide Nasdaq-100^® Risk-Managed Income ETF| NUSI

Nationwide Dow Jones^® Risk-Managed Income ETF| NDJI

Nationwide Russell 2000^® Risk-Managed Income ETF| NTKI

Nationwide S&P 500^® Risk-Managed Income ETF| NSPI

This page intentionally left blank

Nationwide ETFs

Table of Contents

	Page
Letter to Investors	1
Portfolio Allocations	4
Schedules of Investments and Schedules of Written Options	5
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	52
Expense Examples	62
Review of Liquidity Risk Management Program	64
Federal Tax Information	65
Information About Portfolio Holdings	65
Information About Proxy Voting	65
Information About the Funds’ Trustees	65
Frequency Distribution of Premiums and Discounts	65

Letter to Investors (Unaudited)

February 28, 2023

Dear Investors,

In these complex and uncertain times, we continue to work relentlessly to navigate markets and manage the assets entrusted to us. At Nationwide, we hold your confidence in the highest regard and will continue to work carefully to fulfill your diverse investment needs. In addition, we will maintain our unshakeable commitment to our employees, communities, and ultimately you, our investors.

During the six-month reporting period ended February 28, 2023, equity markets in the United States and other developed market economies showed remarkable endurance in the face of inflation, rising interest rates, and the ongoing war in Ukraine. Still, the concerns that weighed on equities and bond markets at the beginning of the reporting period will likely continue in the coming months. In the second quarter of 2022, the U.S. annualized gross domestic product (“GDP”) decreased by -0.6%. Then, the economy experienced stronger-than-anticipated growth, as the third and fourth quarters of 2022 delivered annualized GDP growth of 3.2% and 2.7%, respectively. Finally, the Atlanta Fed GDPNow¹ initial estimate for the first quarter of 2023 GDP, as of this writing, was estimated at 2.6%.

In the U.S., the Federal Reserve (“Fed”) continued to take several steps to quell inflation. The Fed moderated the pace of interest rate hikes to 0.50% in December after four increases in a row of 0.75%. In January 2023, the Fed downshifted the interest rate hiking cycle to 0.25%, pushing the federal funds rate to a range between 4.25% and 4.75%. Likewise, following the Fed’s announcement of its interest rate hike decision on February 1, 2023, the European Central Bank (“ECB”) and the Bank of England (“BoE”) each followed suit with a 0.50% hike and reiterated that quantitative tightening (“QT”) would commence in March 2023 for the ECB (after the reporting period ended), while the BoE’s quantitative tightening will continue as scheduled.

Amid interludes of volatility, equity markets posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. Unlike the first three quarters of 2022, the fourth quarter of 2022 saw most major U.S. indices record positive gains; however, the Nasdaq lagged and recorded a slight loss during the fourth quarter of 2022. Likewise, January 2023 saw equity markets stage a nice rally, only for the rally to be unwound in February 2023. Primary drivers behind the S&P 500^® Index’s (“S&P 500”) lackluster performance during the reporting period were fears of a Fed policy mistake, inflationary concerns, and highly negative investor sentiment. However, during the first two months of the reporting period, investors appeared less reactive to negative news as two of the most significant headwinds of 2022, inflation, and aggressive monetary policy, moderated. As measured by the MSCI EAFE^® Index, international markets enjoyed a risk-on rally during the reporting period. International markets benefited from better-than-expected Eurozone gross domestic product (“GDP”) growth, albeit tepid and export-centered sectors improved from China’s reopening. Further, a falling U.S. dollar buttressed global economic sentiment, and lower gas prices moderated inflationary pressures internationally.

During the reporting period, short-term and long-term U.S. Treasury yields moved higher. The benchmark 10-year U.S. Treasury note yield was 3.91% on February 28, 2023, versus 3.26% on September 1, 2022. Likewise, the 2-year Treasury note yield, considered a proxy for the federal funds rate, was 4.79% on February 28, 2023, versus 3.52% on September 1, 2022. Within U.S. fixed-income markets, investor demand for shorter-duration and higher-quality bonds was a general theme during the reporting period. Also, the yield curve inversion between the 10-year U.S. Treasury note yield and the 2-year U.S. Treasury note yield continued to invert, falling to -0.89 on February 28, 2023, from -0.25 on September 1, 2022.

During the reporting period, investors have been confronted by an economic and financial market environment unlike anything experienced in the past decade. Uncertainty could continue to weigh on financial markets until clarity on inflation becomes more apparent. Further, corporate earnings will likely remain under stress as inflationary pressures challenge corporate profitability. Recent market volatility has shed light on the divergent viewpoints of investors, many of whom aim to prioritize shorter time horizons, reacting imprecisely to external stimuli and failing to control emotion when faced with volatility. Nevertheless, a long-term view and properly diversified portfolios remain crucial to a successful investment approach. Amid the challenges facing investors, Nationwide will continue seeking to deliver exceptional results for our clients. We thank

1

Letter to Investors (Unaudited) (Continued)

February 28, 2023

you for your trust and will work diligently to meet your investment needs.

Sincerely,

Kevin T. Jestice
President and Chief Executive Officer
Nationwide Fund Advisors

¹ GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available economic data for the current measured quarter. There are no subjective adjustments made to GDPNow—the estimate is based solely on the mathematical results of the model.

The following chart provides returns for various market segments for the six-month reporting period that ended February 28, 2023:

Index	Semi-annual Total Return (as of February 28, 2023)
Bloomberg Emerging Markets USD Aggregate Bond Index	1.60%
Bloomberg U.S. Municipal Bond Index	0.66%
Bloomberg U.S. 1-3 Year Government/Credit Bond Index	-0.29%
Bloomberg U.S. 10-20 Year Treasury Bond Index	-5.78%
Bloomberg U.S. Aggregate Bond Index	-2.13%
Bloomberg U.S. Corporate High Yield Index	2.51%
MSCI EAFE® Index	12.58%
MSCI Emerging Markets® Index	-2.29%
MSCI ACWI ex USA Index	7.30%
Russell 1000® Growth Index	-1.24%
Russell 1000® Value Index	4.07%
Russell 2000® Index	3.63%
S&P 500® Index	1.26%

Source: Morningstar

Definitions

Bloomberg Emerging Markets USD Aggregate Bond Index: An unmanaged index that includes fixed and floating-rate US dollar-denominated debt issued from sovereign, quasi sovereign, and corporate emerging markets issuers.

Bloomberg U.S. Municipal Bond Index: An unmanaged index that covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg U.S. 1-3 Year Government/Credit Bond Index: An unmanaged index that measures the performance of non-securitized component of the U.S. Aggregate Index with maturities of 1-3 years, including Treasuries, government-related issues and corporates.

Bloomberg U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 10 to 20 years to maturity.

Bloomberg U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index: An unmanaged index that measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market.

Duration: A measurement of a bond’s interest rate risk that considers a bond’s maturity, yield, coupon and call features. These many factors are calculated into one number that measures how sensitive a bond’s value may be to interest rate changes.

MSCI EAFE^® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI Emerging Markets^® Index: An unmanaged, free float adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

MSCI ACWI ex USA: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

Nasdaq: Acronym of National Association of Securities Dealers Automated Quotations, an American stock market that handles electronic securities trading around the world. It was developed by the National Association of Securities Dealers (NASD) and is monitored by the Securities and Exchange Commission (SEC).

Russell 1000^® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

2

Letter to Investors (Unaudited) (Continued)

February 28, 2023

Russell 1000^® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

S&P 500^® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

Russell Investment Group is the source and owner of the trademarks, service marks and copy rights related to the Russell Indexes. The Fund is not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell^® is a trademark of Russell Investment Group.

Bloomberg^® and its indexes are service marks of Bloomberg Finance L.P. and its affiliates including Bloomberg Index Services Limited, the administrator of the index, and have been licensed for use for certain purposes by Nationwide. Bloomberg is not affiliated with Nationwide, and Bloomberg does not approve, endorse, review or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any date or information relating to this product.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying index.

KEY RISKS: The Funds are subject to the risks of investing in equity securities. The Funds may also be subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities), including emerging markets (which may include currency fluctuations, political risks, differences in account and limited availability of information). Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. There is no assurance that the investment objectives of any fund will be achieved.

Diversification does not assure a profit or protect against a loss in a declining market.

^©2023 Morningstar, Inc. All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Nationwide Fund Advisors (NFA) is the registered investment advisor to Nationwide ETFs, which are distributed by Quasar Distributors LLC. NFA is not affiliated with any distributor, subadviser, or index provider contracted by NFA for the Nationwide ETFs. Nationwide is not an affiliate of third-party sources such as Morningstar, Inc. or MSCI. Representatives of the Nationwide ETF Sales Desk are registered with Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio.

Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company ^© 2023 Nationwide Services LLC.

3

Portfolio Allocations Nationwide ETFs

As of February 28, 2023 (Unaudited)

Nationwide Nasdaq-100® Risk-Managed Income ETF
Sector/Asset Class	Percentage of Net Assets
Information Technology (a)	49.5%
Communication Services	15.7
Consumer Discretionary	15.6
Health Care	6.3
Consumer Staples	5.9
Industrials	3.5
Purchased Options	1.7
Utilities	1.2
Energy	0.5
Short-Term Investments and Other Assets and Liabilities	0.1
Total	100.0%

^(a) To the extent that the Fund invests more heavily in particular sectors or the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

Nationwide Dow Jones® Risk-Managed Income ETF
Sector/Asset Class	Percentage of Net Assets
Information Technology	19.2%
Health Care	18.9
Financials	16.7
Industrials	14.4
Consumer Discretionary	13.3
Consumer Staples	7.3
Energy	3.1
Communication Services	2.7
Short-Term Investments and Other Assets and Liabilities	2.6
Materials	1.1
Purchased Options	0.7
Total	100.0%

Nationwide Russell 2000® Risk-Managed Income ETF
Sector/Asset Class	Percentage of Net Assets
Financials	16.9%
Industrials	16.0
Health Care	13.7
Information Technology	12.0
Consumer Discretionary	11.0
Energy	5.9
Real Estate	5.7
Materials	4.5
Short-Term Investments and Other Assets and Liabilities	4.2
Consumer Staples	3.3
Utilities	3.0
Communication Services	2.6
Purchased Options	1.2
Contingent Value Rights (a)	0.0
Total	100.0%

^(a) Represents less than 0.05% of net assets.

Nationwide S&P 500® Risk-Managed Income ETF
Sector/Asset Class	Percentage of Net Assets
Information Technology (a)	26.3%
Health Care	13.7
Financials	11.3
Consumer Discretionary	10.4
Industrials	8.2
Communication Services	7.2
Consumer Staples	6.3
Energy	4.4
Short-Term Investments and Other Assets and Liabilities	3.2
Materials	2.7
Utilities	2.7
Real Estate	2.6
Purchased Options	1.0
Contingent Value Rights (b)	0.0
Total	100.0%

^(a) To the extent that the Fund invests more heavily in particular sectors or the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

^(b) Represents less than 0.05% of net assets.

4

Schedules of Investments

February 28, 2023 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 98.2%
		Communication Services — 15.7%
	28,676	Activision Blizzard, Inc.	$	2,186,545
	171,884	Alphabet, Inc. - Class A (a)		15,479,873
	171,822	Alphabet, Inc. - Class C (a)		15,515,527
	5,720	Charter Communications, Inc. - Class A (a)		2,102,729
	157,989	Comcast Corporation - Class A		5,872,452
	10,120	Electronic Arts, Inc.		1,122,713
	82,361	Meta Platforms, Inc. - Class A (a)		14,408,233
	16,305	Netflix, Inc. (a)		5,252,329
	142,488	Sirius XM Holdings, Inc.		625,522
	45,600	T-Mobile US, Inc. (a)		6,483,408
	88,940	Warner Bros. Discovery, Inc. (a)		1,389,243
				70,438,574
		Consumer Discretionary — 15.6%
	14,603	Airbnb, Inc. - Class A (a)		1,800,258
	288,003	Amazon.com, Inc. (a)		27,138,522
	1,435	Booking Holdings, Inc. (a)		3,621,940
	8,127	Dollar Tree, Inc. (a)		1,180,691
	19,883	eBay, Inc.		912,630
	17,824	JD.com, Inc. - ADR		792,099
	61,594	Lucid Group, Inc. (a)		562,353
	4,495	Lululemon Athletica, Inc. (a)		1,389,854
	11,619	Marriott International, Inc. - Class A		1,966,400
	1,863	MercadoLibre, Inc. (a)		2,272,860
	2,314	O’Reilly Automotive, Inc. (a)		1,920,851
	17,156	PDD Holdings, Inc. - ADR (a)		1,505,096
	33,448	Rivian Automotive, Inc. - Class A (a)		645,546
	12,763	Ross Stores, Inc.		1,410,822
	42,066	Starbucks Corporation		4,294,517
	89,182	Tesla, Inc. (a)		18,345,630
				69,760,069
		Consumer Staples — 5.9%
	16,263	Costco Wholesale Corporation		7,874,219
	51,920	Keurig Dr Pepper, Inc.		1,793,836
	44,856	Kraft Heinz Company		1,746,693
	50,049	Mondelez International, Inc. - Class A		3,262,193
	19,137	Monster Beverage Corporation (a)		1,947,381
	50,502	PepsiCo, Inc.		8,763,613
	31,669	Walgreens Boots Alliance, Inc.		1,125,200
				26,513,135
		Energy — 0.5%
	36,703	Baker Hughes Company		1,123,112
	6,492	Diamondback Energy, Inc.		912,645
				2,035,757
		Health Care — 6.3%
	2,892	Align Technology, Inc. (a)		895,074
	19,569	Amgen, Inc.		4,533,354
	22,428	AstraZeneca plc - ADR		1,461,857
	5,279	Biogen, Inc. (a)		1,424,591
	14,161	DexCom, Inc. (a)		1,572,013
	45,958	Gilead Sciences, Inc.		3,700,998
	3,092	IDEXX Laboratories, Inc. (a)		1,463,258
	5,768	Illumina, Inc. (a)		1,148,986
	12,971	Intuitive Surgical, Inc. (a)		2,975,417
	14,081	Moderna, Inc. (a)		1,954,584
	3,980	Regeneron Pharmaceuticals, Inc. (a)		3,026,472
	6,831	Seagen, Inc. (a)		1,227,462
	9,432	Vertex Pharmaceuticals, Inc. (a)		2,738,015
				28,122,081
		Industrials — 3.5%
	3,756	Cintas Corporation		1,646,894
	17,481	Copart, Inc. (a)		1,231,711
	14,951	CoStar Group, Inc. (a)		1,056,438
	76,991	CSX Corporation		2,347,455
	21,020	Fastenal Company		1,083,791
	24,630	Honeywell International, Inc.		4,716,153
	4,064	Old Dominion Freight Line, Inc.		1,378,753
	19,132	PACCAR, Inc.		1,381,330
	5,729	Verisk Analytics, Inc.		980,289
				15,822,814
		Information Technology — 49.5% (b)
	17,068	Adobe, Inc. (a)		5,529,179
	59,058	Advanced Micro Devices, Inc. (a)		4,640,778
	18,680	Analog Devices, Inc.		3,427,220
	3,214	ANSYS, Inc. (a)		975,803
	361,168	Apple, Inc.		53,239,775
	31,550	Applied Materials, Inc.		3,664,533
	3,266	ASML Holding NV - NY		2,017,506
	5,456	Atlassian Corporation - Class A (a)		896,584
	7,925	Autodesk, Inc. (a)		1,574,618
	15,225	Automatic Data Processing, Inc.		3,346,759
	14,879	Broadcom, Inc.		8,842,440
	10,099	Cadence Design Systems, Inc. (a)		1,948,501
	150,442	Cisco Systems, Inc.		7,284,402

The accompanying notes are an integral part of these financial statements.

5

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 98.2% (Continued)
		Information Technology — 49.5% (b) (Continued)
	18,877	Cognizant Technology Solutions Corporation - Class A	$	1,182,267
	8,014	Crowdstrike Holdings, Inc. - Class A (a)		967,210
	10,721	Datadog, Inc. - Class A (a)		820,371
	5,003	Enphase Energy, Inc. (a)		1,053,282
	23,310	Fiserv, Inc. (a)		2,682,748
	28,617	Fortinet, Inc. (a)		1,700,994
	19,986	GlobalFoundries, Inc. (a)		1,305,885
	151,163	Intel Corporation		3,768,494
	10,320	Intuit, Inc.		4,202,098
	5,238	KLA Corporation		1,987,192
	5,022	Lam Research Corporation		2,440,742
	31,224	Marvell Technology, Inc.		1,409,764
	20,196	Microchip Technology, Inc.		1,636,482
	39,846	Micron Technology, Inc.		2,303,896
	209,570	Microsoft Corporation		52,270,950
	90,140	NVIDIA Corporation		20,926,901
	9,525	NXP Semiconductors NV		1,700,022
	11,087	Palo Alto Networks, Inc. (a)		2,088,458
	13,208	Paychex, Inc.		1,458,163
	41,807	PayPal Holdings, Inc. (a)		3,076,995
	41,069	QUALCOMM, Inc.		5,073,254
	5,653	Synopsys, Inc. (a)		2,056,335
	33,273	Texas Instruments, Inc.		5,704,656
	7,454	Workday, Inc. - Class A (a)		1,382,493
	9,024	Zoom Video Communications, Inc. - Class A (a)		673,100
	5,283	Zscaler, Inc. (a)		692,865
				221,953,715
		Utilities — 1.2%
	18,874	American Electric Power Company, Inc.		1,660,345
	11,993	Constellation Energy Corporation		898,156
	36,435	Exelon Corporation		1,471,610
	20,079	Xcel Energy, Inc.		1,296,501
				5,326,612
		TOTAL COMMON STOCKS (Cost $502,304,558)		439,972,757

Contracts		Security Description	Notional Amount		Value
		PURCHASED OPTIONS (c) — 1.7%
	365	Nasdaq 100 Index Put, Expiration: 03/17/2023, Exercise Price: $11,925.00	$	439,537,380	$	7,809,175
		TOTAL PURCHASED OPTIONS (Cost $5,502,455)				7,809,175
Shares
		SHORT-TERM INVESTMENTS — 0.4%
		Money Market Funds — 0.4%
	1,603,115	Invesco Government & Agency Portfolio - Institutional Class, 4.51% (d)				1,603,115
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,603,115)				1,603,115
		Total Investments (Cost $509,410,128) — 100.3%				449,385,047
		Liabilities in Excess of Other Assets — (0.3)%				(1,190,569	)
		NET ASSETS — 100.0%			$	448,194,478

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt.

NY New York Registry Shares.

(a) Non-income producing security.

(b) To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(c) Exchange traded.

(d) Rate shown is the annualized seven-day yield as of February 28, 2023.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.    

The accompanying notes are an integral part of these financial statements.

6

Schedules of Written Options

February 28, 2023 (Unaudited)

Nationwide Nasdaq-100^® Risk-Managed Income ETF (Continued)

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS (a) — (0.3)%
	(365	)	Nasdaq 100 Index Call, Expiration: 03/17/2023, Exercise Price: $12,700.00	$	(439,537,380	)	$	(1,372,400	)
			TOTAL WRITTEN OPTIONS (Premiums Received $8,237,105)				$	(1,372,400	)

Percentages are stated as a percent of net assets.

(a) Exchange traded.

The accompanying notes are an integral part of these financial statements.

7

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Dow Jones^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 96.7%
		Communication Services — 2.7%
	4,869	Verizon Communications, Inc.	$	188,966
	4,869	Walt Disney Company (a)		485,001
				673,967
		Consumer Discretionary — 13.3%
	4,869	Home Depot, Inc.		1,443,853
	4,869	McDonald’s Corporation		1,284,978
	4,869	NIKE, Inc. - Class B		578,389
				3,307,220
		Consumer Staples — 7.3%
	4,869	Coca-Cola Company		289,754
	4,869	Procter & Gamble Company		669,780
	4,869	Walgreens Boots Alliance, Inc.		172,996
	4,869	Walmart, Inc.		692,030
				1,824,560
		Energy — 3.1%
	4,869	Chevron Corporation		782,789
		Financials — 16.7%
	4,869	American Express Company		847,157
	4,869	Goldman Sachs Group, Inc.		1,712,185
	4,869	JPMorgan Chase & Company		697,971
	4,869	Travelers Companies, Inc.		901,349
				4,158,662
		Health Care — 18.9%
	4,869	Amgen, Inc.		1,127,953
	4,869	Johnson & Johnson		746,223
	4,869	Merck & Company, Inc.		517,283
	4,869	UnitedHealth Group, Inc.		2,317,351
				4,708,810
		Industrials — 14.4%
	4,869	3M Company		524,586
	4,869	Boeing Company (a)		981,347
	4,869	Caterpillar, Inc.		1,166,369
	4,869	Honeywell International, Inc.		932,316
				3,604,618
		Information Technology — 19.2%
	4,869	Apple, Inc.		717,739
	4,869	Cisco Systems, Inc.		235,757
	4,869	Intel Corporation		121,384
	4,869	International Business Machines Corporation		629,562
	4,869	Microsoft Corporation		1,214,426
	4,869	Salesforce, Inc. (a)		796,617
	4,869	Visa, Inc. - Class A		1,070,888
				4,786,373
		Materials — 1.1%
	4,869	Dow, Inc.		278,507
		TOTAL COMMON STOCKS (Cost $25,570,084)		24,125,506

Contracts			Notional Amount
		PURCHASED OPTIONS (b) — 0.7%
	738	Dow Jones Industrial Average Index Put, Expiration: 03/17/2023, Exercise Price: $320.00	$	24,100,866		177,120
		TOTAL PURCHASED OPTIONS (Cost $113,954)				177,120
Shares
		SHORT-TERM INVESTMENTS — 2.5%
		Money Market Funds — 2.5%
	615,308	Invesco Government & Agency Portfolio - Institutional Class, 4.51% (c)				615,308
		TOTAL SHORT-TERM INVESTMENTS (Cost $615,308)				615,308
		Total Investments (Cost $26,299,346) — 99.9%				24,917,934
		Other Assets in Excess of Liabilities — 0.1%				18,419
		NET ASSETS — 100.0%			$	24,936,353

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange traded.

(c) Rate shown is the annualized seven-day yield as of February 28, 2023.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

8

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 94.6%
		Communication Services — 2.6%
	77	AdTheorent Holding Company, Inc. (a)	$	117
	429	Advantage Solutions, Inc. (a)		944
	161	AMC Networks, Inc. - Class A (a)		3,600
	65	Anterix, Inc. (a)		1,963
	60	Arena Group Holdings, Inc. (a)		472
	60	ATN International, Inc.		2,523
	686	Audacy, Inc. (a)		147
	122	Bandwidth, Inc. - Class A (a)		1,940
	114	Boston Omaha Corporation - Class A (a)		2,746
	385	Bumble, Inc. - Class A (a)		9,309
	182	Cardlytics, Inc. (a)		992
	517	Cargurus, Inc. (a)		8,815
	369	Cars.com, Inc. (a)		7,085
	573	Charge Enterprises, Inc. (a)		647
	557	Cinemark Holdings, Inc. (a)		7,581
	1,969	Clear Channel Outdoor Holdings, Inc. (a)		3,485
	229	Cogent Communications Holdings, Inc.		14,825
	412	Consolidated Communications Holdings, Inc. (a)		1,248
	100	Cumulus Media, Inc. - Class A (a)		542
	6	Daily Journal Corporation (a)		1,822
	210	DHI Group, Inc. (a)		890
	202	EchoStar Corporation - Class A (a)		4,032
	330	Entravision Communications Corporation - Class A		2,165
	391	Eventbrite, Inc. - Class A (a)		3,425
	104	EverQuote, Inc. - Class A (a)		1,420
	290	EW Scripps Company - Class A (a)		3,660
	727	fuboTV, Inc. (a)		1,389
	45	Gambling.com Group, Ltd. (a)		440
	756	Gannett Company, Inc. (a)		2,291
	3,413	Globalstar, Inc. (a)		4,369
	310	Gogo, Inc. (a)		5,103
	462	Gray Television, Inc.		5,405
	110	IDT Corporation - Class B (a)		3,345
	598	iHeartMedia, Inc. - Class A (a)		4,341
	265	IMAX Corporation (a)		4,887
	103	Innovid Corporation (a)		174
	91	Integral Ad Science Holding Corporation (a)		994
	645	Iridium Communications, Inc.		39,585
	241	John Wiley & Sons, Inc. - Class A		10,722
	169	KORE Group Holdings, Inc. (a)		291
	22	Leafly Holdings, Inc. (a)		12
	228	Liberty Latin America, Ltd. - Class A (a)		2,011
	880	Liberty Latin America, Ltd. - Class C (a)		7,726
	56	Liberty Media Corporation-Liberty Braves - Class A (a)		1,918
	198	Liberty Media Corporation-Liberty Braves - Class C (a)		6,627
	290	Lions Gate Entertainment Corporation - Class A (a)		3,077
	606	Lions Gate Entertainment Corporation - Class B (a)		6,030
	106	Loyalty Ventures, Inc. (a)		187
	140	Madison Square Garden Entertainment Corporation (a)		8,473
	655	Magnite, Inc. (a)		7,290
	114	Marcus Corporation		1,834
	101	MediaAlpha, Inc. - Class A (a)		1,529
	114	Ooma, Inc. (a)		1,492
	39	Outbrain, Inc. (a)		172
	380	Playstudios, Inc. (a)		1,414
	203	PubMatic, Inc. - Class A (a)		3,082
	254	QuinStreet, Inc. (a)		4,310
	466	Quotient Technology, Inc. (a)		1,761
	316	Radius Global Infrastructure, Inc. - Class A (a)		4,307
	97	Reservoir Media, Inc. (a)		656
	140	Scholastic Corporation		6,385
	264	Shenandoah Telecommunications Company		5,153
	114	Shutterstock, Inc.		8,575
	241	Sinclair Broadcast Group, Inc. - Class A		3,921
	1,374	Skillz, Inc. (a)		859
	303	Stagwell, Inc. (a)		2,079
	140	TechTarget, Inc. (a)		5,282
	1,209	TEGNA, Inc.		21,038
	541	Telephone and Data Systems, Inc.		6,865
	39	Thryv Holdings, Inc. (a)		930
	492	TrueCar, Inc. (a)		1,146

The accompanying notes are an integral part of these financial statements.

9

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Communication Services — 2.6% (Continued)
	78	United States Cellular Corporation (a)	$	1,882
	43	Urban One, Inc. - Class A (a)		294
	62	Urban One, Inc. - Class D (a)		309
	692	Vimeo, Inc. (a)		2,650
	1,088	Vinco Ventures, Inc. (a)		533
	121	Vivid Seats, Inc. - Class A (a)		928
	111	Wejo Group, Ltd. (a)		73
	290	WideOpenWest, Inc. (a)		3,170
	365	Yelp, Inc. (a)		10,958
	228	Ziff Davis, Inc. (a)		18,008
	372	ZipRecruiter, Inc. - Class A (a)		6,346
				341,023
		Consumer Discretionary — 11.0%
	144	1-800-Flowers.com, Inc. - Class A (a)		1,426
	33	1stdibs.com, Inc. (a)		168
	391	2U, Inc. (a)		3,503
	170	Aaron’s Company, Inc.		2,440
	320	Abercrombie & Fitch Company - Class A (a)		9,411
	424	Academy Sports & Outdoors, Inc.		25,079
	308	Accel Entertainment, Inc. (a)		2,818
	189	Acushnet Holdings Corporation		9,120
	529	Adient plc (a)		22,599
	264	Adtalem Global Education, Inc. (a)		10,328
	54	aka Brands Holding Corporation (a)		76
	423	Allbirds, Inc. - Class A (a)		1,210
	638	American Axle & Manufacturing Holdings, Inc. (a)		5,614
	837	American Eagle Outfitters, Inc.		12,028
	105	American Public Education, Inc. (a)		1,159
	34	America’s Car-Mart, Inc./TX (a)		2,889
	430	AMMO, Inc. (a)		839
	657	Arko Corporation		5,269
	130	Asbury Automotive Group, Inc. (a)		29,522
	145	Aterian, Inc. (a)		174
	166	Bally’s Corporation (a)		3,279
	257	BARK, Inc. (a)		347
	500	Beachbody Company, Inc. (a)		323
	154	Beazer Homes USA, Inc. (a)		2,296
	557	Bed Bath & Beyond, Inc. (a)		785
	118	Big 5 Sporting Goods Corporation		1,042
	174	Big Lots, Inc.		2,497
	4	Biglari Holdings, Inc. - Class B (a)		719
	119	BJ’s Restaurants, Inc. (a)		3,808
	481	Bloomin’ Brands, Inc.		12,554
	78	Bluegreen Vacations Holding Corporation		2,587
	160	Boot Barn Holdings, Inc. (a)		12,392
	194	Bowlero Corporation (a)		2,984
	62	Boxed, Inc. (a)		38
	242	Brinker International, Inc. (a)		9,196
	170	Buckle, Inc.		6,934
	80	Build-A-Bear Workshop, Inc. (a)		1,676
	208	Caleres, Inc.		5,431
	232	Camping World Holdings, Inc. - Class A		5,297
	616	Canoo, Inc. (a)		461
	241	CarParts.com, Inc. (a)		1,511
	82	Carriage Services, Inc.		2,781
	108	Cato Corporation - Class A		999
	52	Cavco Industries, Inc. (a)		14,820
	880	Cenntro Electric Group, Ltd. (a)		477
	147	Century Casinos, Inc. (a)		1,361
	160	Century Communities, Inc.		9,570
	247	Cheesecake Factory, Inc.		9,248
	662	Chegg, Inc. (a)		10,519
	642	Chico’s FAS, Inc. (a)		3,692
	78	Children’s Place, Inc. (a)		3,266
	107	Chuy’s Holdings, Inc. (a)		3,825
	44	Citi Trends, Inc. (a)		1,234
	148	Clarus Corporation		1,465
	97	Conn’s, Inc. (a)		831
	166	Container Store Group, Inc. (a)		722
	2,803	ContextLogic, Inc. - Class A (a)		1,364
	398	Coursera, Inc. (a)		4,485
	129	Cracker Barrel Old Country Store, Inc.		14,056
	318	Crocs, Inc. (a)		38,703
	807	Dana, Inc.		12,783
	215	Dave & Buster’s Entertainment, Inc. (a)		8,604
	332	Denny’s Corporation (a)		3,874
	330	Designer Brands, Inc. - Class A		3,231
	293	Destination XL Group, Inc. (a)		1,752
	32	Dillard’s, Inc. - Class A		11,405
	84	Dine Brands Global, Inc.		6,440
	147	Dorman Products, Inc. (a)		13,675

The accompanying notes are an integral part of these financial statements.

10

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Consumer Discretionary — 11.0% (Continued)
	104	Dream Finders Homes, Inc. - Class A (a)	$	1,251
	66	Duluth Holdings, Inc. - Class B (a)		397
	116	Duolingo, Inc. (a)		10,532
	101	El Pollo Loco Holdings, Inc.		1,209
	252	Ermenegildo Zegna NV		3,281
	122	Ethan Allen Interiors, Inc.		3,605
	72	European Wax Center, Inc. - Class A		1,329
	437	Everi Holdings, Inc. (a)		8,299
	312	EVgo, Inc. (a)		1,850
	320	Express, Inc. (a)		326
	111	F45 Training Holdings, Inc. (a)		230
	302	Faraday Future Intelligent Electric, Inc. (a)		161
	66	First Watch Restaurant Group, Inc. (a)		1,008
	898	Fisker, Inc. (a)		6,672
	433	Foot Locker, Inc.		18,931
	260	Fossil Group, Inc. (a)		1,126
	233	Fox Factory Holding Corporation (a)		27,379
	155	Franchise Group, Inc.		4,311
	426	Frontdoor, Inc. (a)		12,035
	187	Full House Resorts, Inc. (a)		1,810
	135	Funko, Inc. - Class A (a)		1,459
	81	Genesco, Inc. (a)		3,643
	176	Gentherm, Inc. (a)		11,178
	242	G-III Apparel Group, Ltd. (a)		4,021
	90	Golden Entertainment, Inc. (a)		3,700
	1,465	Goodyear Tire & Rubber Company (a)		16,642
	695	GoPro, Inc. - Class A (a)		3,607
	21	Graham Holdings Company - Class B		13,161
	168	Green Brick Partners, Inc. (a)		5,242
	98	Group 1 Automotive, Inc.		21,665
	118	Groupon, Inc. (a)		886
	308	GrowGeneration Corporation (a)		1,304
	221	Guess?, Inc.		4,650
	94	Haverty Furniture Companies, Inc.		3,548
	132	Helen of Troy, Ltd. (a)		14,875
	83	Hibbett, Inc.		5,970
	456	Hilton Grand Vacations, Inc. (a)		21,769
	262	Holley, Inc. (a)		571
	29	Hovnanian Enterprises, Inc. - Class A (a)		1,975
	56	Inspirato, Inc. (a)		58
	118	Inspired Entertainment, Inc. (a)		1,866
	131	Installed Building Products, Inc.		15,115
	511	International Game Technology plc		13,572
	147	iRobot Corporation (a)		6,040
	119	Jack in the Box, Inc.		9,330
	66	JOANN, Inc.		240
	30	Johnson Outdoors, Inc. - Class A		1,946
	441	KB Home		15,554
	294	Kontoor Brands, Inc.		15,332
	132	Krispy Kreme, Inc.		1,717
	19	Kura Sushi USA, Inc. - Class A (a)		1,190
	78	Lands’ End, Inc. (a)		593
	52	Landsea Homes Corporation (a)		340
	166	Latham Group, Inc. (a)		528
	528	Laureate Education, Inc.		6,262
	228	La-Z-Boy, Inc.		7,383
	127	LCI Industries		14,327
	39	Legacy Housing Corporation (a)		778
	114	LGI Homes, Inc. (a)		11,891
	202	Life Time Group Holdings, Inc. (a)		3,650
	65	Lifetime Brands, Inc.		515
	518	Light & Wonder, Inc. (a)		32,432
	153	Lindblad Expeditions Holdings, Inc. (a)		1,313
	140	LL Flooring Holdings, Inc. (a)		707
	792	Lordstown Motors Corporation - Class A (a)		824
	52	Lovesac Company (a)		1,497
	26	Lulu’s Fashion Lounge Holdings, Inc. (a)		79
	1,197	Luminar Technologies, Inc. (a)		10,713
	153	M/I Homes, Inc. (a)		8,850
	114	Malibu Boats, Inc. - Class A (a)		6,813
	39	Marine Products Corporation		499
	117	MarineMax, Inc. (a)		3,929
	101	MasterCraft Boat Holdings, Inc. (a)		3,411
	303	MDC Holdings, Inc.		11,211
	202	Meritage Homes Corporation		22,064
	264	Modine Manufacturing Company (a)		6,444
	65	Monarch Casino & Resort, Inc.		4,785
	166	Monro, Inc.		8,373

The accompanying notes are an integral part of these financial statements.

11

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Consumer Discretionary — 11.0% (Continued)
	101	Motorcar Parts of America, Inc. (a)	$	1,322
	78	Movado Group, Inc.		2,700
	82	Mullen Automotive, Inc. (a)		19
	127	Murphy USA, Inc.		32,395
	455	National Vision Holdings, Inc. (a)		16,999
	52	NeoGames SA (a)		809
	254	Nerdy, Inc. (a)		638
	202	Noodles & Company (a)		1,180
	254	ODP Corporation (a)		11,501
	101	ONE Group Hospitality, Inc. (a)		859
	277	OneSpaWorld Holdings, Ltd. (a)		3,210
	52	OneWater Marine, Inc. - Class A (a)		1,447
	241	Overstock.com, Inc. (a)		4,667
	88	Oxford Industries, Inc.		10,350
	166	Papa John’s International, Inc.		13,936
	140	Patrick Industries, Inc.		10,199
	352	Perdoceo Education Corporation (a)		4,852
	101	PetMed Express, Inc.		1,897
	140	PLBY Group, Inc. (a)		298
	114	Portillo’s, Inc. - Class A (a)		2,590
	303	Purple Innovation, Inc. (a)		1,309
	2,056	Qurate Retail, Inc. - Series A (a)		4,338
	39	RCI Hospitality Holdings, Inc.		3,267
	430	RealReal, Inc. (a)		581
	303	Red Rock Resorts, Inc. - Class A		13,232
	88	Rent the Runway, Inc. - Class A (a)		300
	189	Revolve Group, Inc. (a)		5,117
	26	Rocky Brands, Inc.		692
	457	Rover Group, Inc. (a)		1,910
	50	RumbleON, Inc. - Class B (a)		455
	264	Rush Street Interactive, Inc. (a)		1,106
	166	Ruth’s Hospitality Group, Inc.		3,096
	593	Sally Beauty Holdings, Inc. (a)		9,541
	264	SeaWorld Entertainment, Inc. (a)		17,054
	189	Shake Shack, Inc. - Class A (a)		10,544
	88	Shoe Carnival, Inc.		2,319
	277	Signet Jewelers, Ltd.		19,839
	277	Skyline Champion Corporation (a)		18,950
	127	Sleep Number Corporation (a)		5,062
	228	Smith & Wesson Brands, Inc.		2,494
	65	Snap One Holdings Corporation (a)		760
	267	Solid Power, Inc. (a)		902
	67	Solo Brands, Inc. - Class A (a)		277
	243	Sonder Holdings, Inc. (a)		250
	114	Sonic Automotive, Inc. - Class A		6,485
	616	Sonos, Inc. (a)		11,969
	254	Sportsman’s Warehouse Holdings, Inc. (a)		2,283
	114	Standard Motor Products, Inc.		4,443
	430	Steven Madden, Ltd.		15,609
	518	Stitch Fix, Inc. - Class A (a)		2,414
	140	Stoneridge, Inc. (a)		3,333
	127	Strategic Education, Inc.		10,827
	228	Stride, Inc. (a)		9,683
	88	Sturm Ruger & Company, Inc.		5,128
	65	Superior Group of Companies, Inc.		753
	73	Sweetgreen, Inc. - Class A (a)		637
	127	Target Hospitality Corporation (a)		1,883
	642	Taylor Morrison Home Corporation (a)		23,003
	365	Texas Roadhouse, Inc.		37,063
	296	ThredUp, Inc. - Class A (a)		471
	188	Tile Shop Holdings, Inc. (a)		1,026
	114	Tilly’s, Inc. - Class A (a)		990
	620	Topgolf Callaway Brands Corporation (a)		14,371
	68	Torrid Holdings, Inc. (a)		186
	129	Traeger, Inc. (a)		513
	65	TravelCenters of America, Inc. (a)		5,483
	593	Tri Pointe Homes, Inc. (a)		14,137
	254	Tupperware Brands Corporation (a)		1,041
	65	Udemy, Inc. (a)		614
	65	Unifi, Inc. (a)		673
	65	Universal Electronics, Inc. (a)		827
	166	Universal Technical Institute, Inc. (a)		1,205
	329	Upbound Group, Inc.		8,834
	365	Urban Outfitters, Inc. (a)		9,837
	232	Vacasa, Inc. - Class A (a)		336
	303	Vista Outdoor, Inc. (a)		8,654
	140	Visteon Corporation (a)		23,386
	505	Vivint Smart Home, Inc. (a)		5,676
	307	Vizio Holding Corporation - Class A (a)		3,147
	522	Volta, Inc. (a)		448
	303	Vuzix Corporation (a)		1,257
	427	Warby Parker, Inc. - Class A (a)		5,555

The accompanying notes are an integral part of these financial statements.

12

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Consumer Discretionary — 11.0% (Continued)
	30	Weyco Group, Inc.	$	795
	153	Wingstop, Inc.		26,064
	13	Winmark Corporation		3,796
	176	Winnebago Industries, Inc.		11,186
	440	Wolverine World Wide, Inc.		7,370
	655	Workhorse Group, Inc. (a)		1,349
	290	WW International, Inc. (a)		1,061
	39	Xometry, Inc. - Class A (a)		1,186
	88	XPEL, Inc. (a)		5,879
	39	Xponential Fitness, Inc. - Class A (a)		990
	114	Zumiez, Inc. (a)		2,652
				1,456,561
		Consumer Staples — 3.3%
	857	22nd Century Group, Inc. (a)		774
	33	Alico, Inc.		849
	170	Andersons, Inc.		7,757
	396	AppHarvest, Inc. (a)		404
	359	B&G Foods, Inc.		4,549
	430	Beauty Health Company (a)		5,422
	217	BellRing Brands, Inc. (a)		6,701
	744	Benson Hill, Inc. (a)		1,659
	264	Beyond Meat, Inc. (a)		4,710
	130	BRC, Inc. - Class A (a)		866
	91	Calavo Growers, Inc.		2,937
	229	Cal-Maine Foods, Inc.		13,007
	292	Celsius Holdings, Inc. (a)		26,514
	54	Central Garden & Pet Company (a)		2,187
	219	Central Garden & Pet Company - Class A (a)		8,416
	169	Chefs’ Warehouse, Inc. (a)		5,501
	22	Coca-Cola Consolidated, Inc.		12,251
	176	Duckhorn Portfolio, Inc. (a)		2,684
	293	Edgewell Personal Care Company		12,511
	262	elf Beauty, Inc. (a)		19,585
	374	Energizer Holdings, Inc.		13,550
	190	Fresh Del Monte Produce, Inc.		5,943
	385	Hain Celestial Group, Inc. (a)		6,865
	529	Herbalife Nutrition, Ltd. (a)		10,236
	193	HF Foods Group, Inc. (a)		749
	438	Honest Company, Inc. (a)		1,222
	704	Hostess Brands, Inc. (a)		17,389
	77	Ingles Markets, Inc. - Class A		6,884
	95	Inter Parfums, Inc.		11,439
	80	J & J Snack Foods Corporation		11,297
	47	John B Sanfilippo & Son, Inc.		4,219
	101	Lancaster Colony Corporation		19,389
	140	Lifecore Biomedical, Inc. (a)		811
	88	Local Bounti Corporation (a)		60
	65	Medifast, Inc.		7,288
	78	MGP Ingredients, Inc.		7,912
	215	Mission Produce, Inc. (a)		2,477
	131	National Beverage Corporation (a)		6,111
	52	Natural Grocers by Vitamin Cottage, Inc.		571
	52	Nature’s Sunshine Products, Inc. (a)		564
	264	Nu Skin Enterprises, Inc. - Class A		10,518
	127	PriceSmart, Inc.		8,854
	844	Primo Water Corporation		13,065
	277	Rite Aid Corporation (a)		1,069
	26	Seneca Foods Corporation - Class A (a)		1,446
	453	Simply Good Foods Company (a)		17,345
	127	Sovos Brands, Inc. (a)		1,660
	189	SpartanNash Company		5,058
	616	Sprouts Farmers Market, Inc. (a)		18,658
	474	SunOpta, Inc. (a)		3,640
	241	Tattooed Chef, Inc. (a)		304
	39	Thorne HealthTech, Inc. (a)		193
	77	Tootsie Roll Industries, Inc.		3,390
	277	TreeHouse Foods, Inc. (a)		13,515
	78	Turning Point Brands, Inc.		1,864
	264	United Natural Foods, Inc. (a)		10,753
	127	Universal Corporation/VA		6,425
	65	USANA Health Sciences, Inc. (a)		3,951
	303	Utz Brands, Inc.		4,969
	782	Vector Group, Ltd.		10,378
	329	Veru, Inc. (a)		1,301
	39	Village Super Market, Inc. - Class A		871
	165	Vintage Wine Estates, Inc. (a)		252
	53	Vita Coco Company, Inc. (a)		896
	127	Vital Farms, Inc. (a)		2,052
	65	WD-40 Company		11,273
	88	Weis Markets, Inc.		6,727
	209	Whole Earth Brands, Inc. (a)		719
				435,406
		Energy — 5.9%
	167	Aemetis, Inc. (a)		596
	380	Alto Ingredients, Inc. (a)		1,110

The accompanying notes are an integral part of these financial statements.

13

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Energy — 5.9% (Continued)
	187	Amplify Energy Corporation (a)	$	1,567
	80	Arch Resources, Inc.		12,588
	743	Archrock, Inc.		8,225
	184	Ardmore Shipping Corporation		3,340
	14	Battalion Oil Corporation (a)		126
	374	Berry Corporation		3,527
	814	Borr Drilling, Ltd. (a)		5,885
	114	Bristow Group, Inc. (a)		3,105
	290	Cactus, Inc. - Class A		13,326
	470	California Resources Corporation		19,834
	258	Callon Petroleum Company (a)		10,000
	39	Centrus Energy Corporation - Class A (a)		1,748
	1,112	ChampionX Corporation		33,995
	218	Chord Energy Corporation		29,347
	242	Civitas Resources, Inc.		16,981
	847	Clean Energy Fuels Corporation (a)		4,743
	1,183	CNX Resources Corporation (a)		18,159
	506	Comstock Resources, Inc.		6,143
	173	CONSOL Energy, Inc.		9,468
	171	Crescent Energy Company - Class A		1,973
	154	CVR Energy, Inc.		4,886
	355	Delek US Holdings, Inc.		8,935
	281	Denbury, Inc. (a)		23,427
	777	DHT Holdings, Inc.		8,990
	540	Diamond Offshore Drilling, Inc. (a)		6,415
	101	DMC Global, Inc. (a)		2,704
	153	Dorian LPG, Ltd.		3,358
	195	Dril-Quip, Inc. (a)		6,679
	144	Earthstone Energy, Inc. - Class A (a)		2,009
	36	Empire Petroleum Corporation (a)		468
	805	Energy Fuels, Inc./Canada (a)		5,402
	2,230	Equitrans Midstream Corporation		13,447
	86	Excelerate Energy, Inc. - Class A		1,858
	228	Expro Group Holdings NV (a)		5,182
	146	FLEX LNG, Ltd.		5,065
	649	Frontline plc		12,253
	1,142	Gevo, Inc. (a)		2,113
	520	Golar LNG, Ltd. (a)		11,872
	262	Green Plains, Inc. (a)		9,084
	67	Gulfport Energy Corporation (a)		4,430
	747	Helix Energy Solutions Group, Inc. (a)		6,185
	549	Helmerich & Payne, Inc.		23,102
	29	HighPeak Energy, Inc.		776
	257	International Seaways, Inc.		13,220
	33	Kinetik Holdings, Inc.		982
	2,366	Kosmos Energy, Ltd. (a)		18,620
	453	Liberty Energy, Inc.		6,908
	743	Magnolia Oil & Gas Corporation - Class A		16,235
	554	Matador Resources Company		29,799
	769	Murphy Oil Corporation		30,005
	26	Nabors Industries, Ltd. (a)		3,908
	22	NACCO Industries, Inc. - Class A		823
	189	National Energy Services Reunited Corporation (a)		1,221
	479	Newpark Resources, Inc. (a)		2,122
	140	NextDecade Corporation (a)		988
	844	NexTier Oilfield Solutions, Inc. (a)		7,706
	189	Noble Corporation plc (a)		7,879
	818	Nordic American Tankers, Ltd.		3,624
	264	Northern Oil and Gas, Inc.		8,195
	528	Oceaneering International, Inc. (a)		11,030
	316	Oil States International, Inc. (a)		2,885
	241	Par Pacific Holdings, Inc. (a)		6,695
	906	Patterson-UTI Energy, Inc.		12,412
	554	PBF Energy, Inc. - Class A		24,215
	454	Peabody Energy Corporation (a)		12,394
	972	Permian Resources Corporation		10,507
	86	ProFrac Holding Corporation - Class A (a)		1,645
	440	ProPetro Holding Corporation (a)		3,876
	114	Ranger Oil Corporation - Class A		4,731
	78	REX American Resources Corporation (a)		2,575
	153	Riley Exploration Permian, Inc.		4,682
	469	Ring Energy, Inc. (a)		985
	342	RPC, Inc.		2,999
	162	SandRidge Energy, Inc. (a)		2,364
	228	Scorpio Tankers, Inc.		13,762
	303	Select Energy Services, Inc. - Class A		2,248
	655	SFL Corporation, Ltd.		6,760
	63	SilverBow Resources, Inc. (a)		1,551
	299	Sitio Royalties Corporation - Class A		7,030

The accompanying notes are an integral part of these financial statements.

14

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Energy — 5.9% (Continued)
	593	SM Energy Company	$	17,499
	153	Solaris Oilfield Infrastructure, Inc. - Class A		1,366
	202	Talos Energy, Inc. (a)		3,598
	365	Teekay Corporation (a)		2,278
	114	Teekay Tankers, Ltd. - Class A (a)		5,147
	2,014	Tellurian, Inc. (a)		3,001
	642	TETRA Technologies, Inc. (a)		2,286
	202	Tidewater, Inc. (a)		9,866
	1,258	Uranium Energy Corporation (a)		4,655
	932	Ur-Energy, Inc. (a)		997
	378	US Silica Holdings, Inc. (a)		4,589
	316	VAALCO Energy, Inc.		1,482
	323	Valaris, Ltd. (a)		21,722
	274	Vertex Energy, Inc. (a)		2,595
	52	Vital Energy, Inc. (a)		2,672
	492	W&T Offshore, Inc. (a)		2,760
	406	Weatherford International plc (a)		27,048
	335	World Fuel Services Corporation		9,196
				784,764
		Financials — 16.9%
	88	1st Source Corporation		4,384
	44	ACNB Corporation		1,630
	66	AFC Gamma, Inc.		1,022
	80	Alerus Financial Corporation		1,600
	72	Amalgamated Financial Corporation		1,696
	94	A-Mark Precious Metals, Inc.		2,755
	244	Ambac Financial Group, Inc. (a)		4,038
	154	Amerant Bancorp, Inc.		4,374
	443	American Equity Investment Life Holding Company		18,451
	55	American National Bankshares, Inc.		1,851
	369	Ameris Bancorp		17,664
	109	AMERISAFE, Inc.		5,945
	41	Angel Oak Mortgage, Inc.		308
	758	Apollo Commercial Real Estate Finance, Inc.		8,709
	775	Arbor Realty Trust, Inc.		11,687
	232	Ares Commercial Real Estate Corporation		2,624
	172	Argo Group International Holdings, Ltd.		4,997
	482	ARMOUR Residential REIT, Inc.		2,617
	79	Arrow Financial Corporation		2,408
	324	Artisan Partners Asset Management, Inc. - Class A		10,682
	104	AssetMark Financial Holdings, Inc. (a)		3,255
	802	Associated Banc-Corp		18,566
	9	Associated Capital Group, Inc. - Class A		324
	408	Atlantic Union Bankshares Corporation		15,284
	27	Atlanticus Holdings Corporation (a)		865
	262	Avantax, Inc. (a)		7,491
	318	Axos Financial, Inc. (a)		15,070
	101	B Riley Financial, Inc.		4,018
	262	Bakkt Holdings, Inc. (a)		383
	295	Banc of California, Inc.		5,177
	93	BancFirst Corporation		8,393
	171	Banco Latinoamericano de Comercio Exterior SA		3,129
	290	Bancorp, Inc. (a)		10,031
	34	Bank First Corporation		2,772
	86	Bank of Marin Bancorp		2,494
	264	Bank of NT Butterfield & Son, Ltd.		9,544
	493	BankUnited, Inc.		17,462
	30	Bankwell Financial Group, Inc.		905
	189	Banner Corporation		11,903
	82	Bar Harbor Bankshares		2,449
	66	BayCom Corporation		1,355
	75	BCB Bancorp, Inc.		1,301
	271	Berkshire Hills Bancorp, Inc.		7,875
	1,739	BGC Partners, Inc. - Class A		8,452
	858	Blackstone Mortgage Trust, Inc. - Class A		18,165
	158	Blue Foundry Bancorp (a)		1,934
	95	Blue Ridge Bankshares, Inc.		1,163
	254	Bread Financial Holdings, Inc.		10,432
	114	Bridgewater Bancshares, Inc. (a)		1,677
	298	Bright Health Group, Inc. (a)		259
	332	Brightsphere Investment Group, Inc.		8,323
	450	BrightSpire Capital, Inc.		3,326
	708	Broadmark Realty Capital, Inc.		3,611
	511	Brookline Bancorp, Inc.		6,623
	253	BRP Group, Inc. - Class A (a)		7,271
	108	Business First Bancshares, Inc.		2,251
	134	Byline Bancorp, Inc.		3,303
	1,024	Cadence Bank		27,197
	40	Cambridge Bancorp		3,181
	77	Camden National Corporation		3,169

The accompanying notes are an integral part of these financial statements.

15

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Financials — 16.9% (Continued)
	437	Cannae Holdings, Inc. (a)	$	9,867
	45	Capital Bancorp, Inc.		914
	70	Capital City Bank Group, Inc.		2,497
	713	Capitol Federal Financial, Inc.		5,982
	110	Capstar Financial Holdings, Inc.		1,903
	143	Carter Bankshares, Inc. (a)		2,484
	407	Cathay General Bancorp		17,468
	148	Central Pacific Financial Corporation		3,320
	34	Chicago Atlantic Real Estate Finance, Inc.		498
	1,255	Chimera Investment Corporation		8,145
	83	Citizens & Northern Corporation		1,868
	82	City Holding Company		8,052
	79	Civista Bancshares, Inc.		1,685
	477	Claros Mortgage Trust, Inc.		6,649
	88	CNB Financial Corporation/PA		2,098
	675	CNO Financial Group, Inc.		17,294
	47	Coastal Financial Corporation/WA (a)		2,169
	140	Cohen & Steers, Inc.		10,130
	87	Colony Bankcorp, Inc.		1,094
	424	Columbia Banking System, Inc.		12,606
	209	Columbia Financial, Inc. (a)		4,410
	291	Community Bank System, Inc.		17,766
	84	Community Trust Bancorp, Inc.		3,591
	286	Compass Diversified Holdings		6,226
	207	ConnectOne Bancorp, Inc.		5,020
	78	Consumer Portfolio Services, Inc. (a)		863
	144	Cowen, Inc. - Class A		5,615
	90	Crawford & Company - Class A		497
	255	CrossFirst Bankshares, Inc. (a)		3,608
	111	Curo Group Holdings Corporation		324
	157	Customers Bancorp, Inc. (a)		4,836
	715	CVB Financial Corporation		17,110
	17	Diamond Hill Investment Group, Inc.		2,968
	187	Dime Community Bancshares, Inc.		5,730
	80	Donegal Group, Inc. - Class A		1,230
	156	Donnelley Financial Solutions, Inc. (a)		6,600
	198	Dynex Capital, Inc.		2,620
	177	Eagle Bancorp, Inc.		7,754
	945	Eastern Bankshares, Inc.		14,818
	132	eHealth, Inc. (a)		972
	291	Ellington Financial, Inc.		3,745
	156	Employers Holdings, Inc.		6,928
	80	Enact Holdings, Inc.		1,940
	156	Encore Capital Group, Inc. (a)		8,062
	196	Enova International, Inc. (a)		9,555
	66	Enstar Group, Ltd. (a)		16,138
	53	Enterprise Bancorp, Inc./MA		1,876
	192	Enterprise Financial Services Corporation		10,456
	72	Equity Bancshares, Inc. - Class A		2,164
	34	Esquire Financial Holdings, Inc.		1,564
	605	Essent Group, Ltd.		25,985
	273	EZCORP, Inc. - Class A (a)		2,408
	64	Farmers & Merchants Bancorp, Inc./Archbold OH		1,658
	169	Farmers National Banc Corporation		2,408
	180	FB Financial Corporation		6,784
	47	Federal Agricultural Mortgage Corporation - Class C		6,667
	522	Federated Hermes, Inc.		20,540
	104	Finance Of America Companies, Inc. - Class A (a)		152
	85	Financial Institutions, Inc.		2,122
	56	First Bancorp, Inc.		1,640
	1,112	First BanCorp/Puerto Rico		16,135
	189	First Bancorp/Southern Pines NC		7,842
	111	First Bancshares, Inc.		3,475
	86	First Bank/Hamilton NJ		1,172
	281	First Busey Corporation		6,783
	43	First Business Financial Services, Inc.		1,523
	509	First Commonwealth Financial Corporation		8,149
	93	First Community Bankshares, Inc.		2,903
	518	First Financial Bancorp		12,764
	704	First Financial Bankshares, Inc.		25,823
	52	First Financial Corporation/IN		2,285
	220	First Foundation, Inc.		3,315
	32	First Guaranty Bancshares, Inc.		656
	52	First Internet Bancorp		1,405
	482	First Interstate BancSystem, Inc. - Class A		17,130
	307	First Merchants Corporation		12,562
	91	First Mid Bancshares, Inc.		2,820
	129	First of Long Island Corporation		2,196
	40	First Western Financial, Inc. (a)		1,035
	216	FirstCash Holdings, Inc.		19,063
	66	Five Star Bancorp		1,803

The accompanying notes are an integral part of these financial statements.

16

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Financials — 16.9% (Continued)
	161	Flushing Financial Corporation	$	3,133
	323	Focus Financial Partners, Inc. - Class A (a)		16,751
	196	Franklin BSP Realty Trust, Inc.		2,746
	859	Fulton Financial Corporation		14,775
	77	FVCBankcorp, Inc. (a)		1,043
	243	GCM Grosvenor, Inc. - Class A		2,000
	2,795	Genworth Financial, Inc. - Class A (a)		17,413
	133	German American Bancorp, Inc.		5,227
	606	Glacier Bancorp, Inc.		28,712
	96	Goosehead Insurance, Inc. - Class A (a)		4,478
	293	Granite Point Mortgage Trust, Inc.		1,755
	55	Great Southern Bancorp, Inc.		3,200
	296	Green Dot Corporation - Class A (a)		5,603
	17	Greene County Bancorp, Inc.		957
	144	Greenlight Capital Re, Ltd. - Class A (a)		1,322
	45	Guaranty Bancshares, Inc./TX		1,404
	198	Hamilton Lane, Inc. - Class A		15,404
	472	Hancock Whitney Corporation		23,185
	170	Hanmi Financial Corporation		4,015
	418	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,129
	260	HarborOne Bancorp, Inc.		3,554
	56	HBT Financial, Inc.		1,272
	33	HCI Group, Inc.		1,733
	220	Heartland Financial USA, Inc.		10,877
	323	Heritage Commerce Corporation		3,912
	193	Heritage Financial Corporation/WA		5,379
	342	Hilltop Holdings, Inc.		11,344
	8	Hingham Institution For Savings		2,278
	48	Hippo Holdings, Inc. (a)		826
	42	Home Bancorp, Inc.		1,661
	839	Home BancShares, Inc./AR		20,220
	39	Home Point Capital, Inc.		61
	109	HomeStreet, Inc.		2,750
	80	HomeTrust Bancshares, Inc.		2,342
	638	Hope Bancorp, Inc.		8,173
	231	Horace Mann Educators Corporation		8,538
	235	Horizon Bancorp, Inc./IN		3,577
	278	Houlihan Lokey, Inc.		26,604
	249	Independent Bank Corporation		19,840
	110	Independent Bank Corporation/MI		2,426
	193	Independent Bank Group, Inc.		11,360
	294	International Bancshares Corporation		14,268
	175	Invesco Mortgage Capital, Inc.		2,193
	7	Investors Title Company		1,143
	408	Jackson Financial, Inc. - Class A		18,516
	205	James River Group Holdings, Ltd.		4,941
	55	John Marshall Bancorp, Inc.		1,464
	378	Kearny Financial Corporation/MD		3,795
	119	Kinsale Capital Group, Inc.		37,924
	192	KKR Real Estate Finance Trust, Inc.		2,784
	616	Ladder Capital Corporation		6,961
	264	Lakeland Bancorp, Inc.		5,082
	127	Lakeland Financial Corporation		9,096
	177	Lemonade, Inc. (a)		2,885
	505	LendingClub Corporation (a)		4,747
	65	LendingTree, Inc. (a)		2,140
	166	Live Oak Bancshares, Inc.		5,737
	78	Luther Burbank Corporation (a)		907
	140	Macatawa Bank Corporation		1,527
	90	MarketWise, Inc. (a)		177
	254	MBIA, Inc. (a)		3,503
	78	Mercantile Bank Corporation		2,698
	78	Merchants Bancorp/IN		2,360
	133	Mercury General Corporation		4,529
	101	Metrocity Bankshares, Inc.		2,037
	52	Metropolitan Bank Holding Corporation (a)		2,902
	574	MFA Financial, Inc.		6,148
	78	Mid Penn Bancorp, Inc.		2,387
	114	Midland States Bancorp, Inc.		2,969
	78	MidWestOne Financial Group, Inc.		2,343
	329	Moelis & Company - Class A		14,091
	760	Moneylion, Inc. (a)		508
	342	Mr Cooper Group, Inc. (a)		15,879
	52	MVB Financial Corporation		1,419
	153	National Bank Holdings Corporation - Class A		6,195
	13	National Western Life Group, Inc. - Class A		3,507
	844	Navient Corporation		15,234
	228	NBT Bancorp, Inc.		9,255

The accompanying notes are an integral part of these financial statements.

17

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Financials — 16.9% (Continued)
	88	Nelnet, Inc. - Class A	$	8,261
	121	NerdWallet, Inc. - Class A (a)		2,497
	2,014	New York Mortgage Trust, Inc.		5,377
	42	Nexpoint Real Estate Finance, Inc.		758
	39	NI Holdings, Inc. (a)		540
	65	Nicolet Bankshares, Inc. (a)		4,840
	440	NMI Holdings, Inc. - Class A (a)		10,270
	35	Northeast Bank		1,543
	241	Northfield Bancorp, Inc.		3,545
	681	Northwest Bancshares, Inc.		9,411
	316	OceanFirst Financial Corporation		7,496
	264	OFG Bancorp		8,031
	1,605	Old National Bancorp/IN		28,360
	140	Old Second Bancorp, Inc.		2,321
	567	Open Lending Corporation - Class A (a)		4,014
	101	Oportun Financial Corporation (a)		610
	52	Oppenheimer Holdings, Inc. - Class A		2,293
	65	OppFi, Inc. (a)		137
	140	Orchid Island Capital, Inc.		1,590
	114	Origin Bancorp, Inc.		4,322
	52	Orrstown Financial Services, Inc.		1,196
	554	Oscar Health, Inc. - Class A (a)		3,069
	518	Pacific Premier Bancorp, Inc.		16,794
	127	Palomar Holdings, Inc. (a)		7,620
	78	Park National Corporation		9,966
	52	Parke Bancorp, Inc.		1,061
	172	Pathward Financial, Inc.		8,774
	61	PCB Bancorp		1,114
	88	Peapack-Gladstone Financial Corporation		3,269
	166	PennyMac Financial Services, Inc.		10,038
	518	PennyMac Mortgage Investment Trust		6,750
	140	Peoples Bancorp, Inc./OH		4,355
	39	Peoples Financial Services Corporation		1,932
	232	Perella Weinberg Partners		2,346
	65	Pioneer Bancorp, Inc./NY (a)		735
	88	Piper Sandler Companies		13,287
	127	PJT Partners, Inc. - Class A		10,018
	228	PRA Group, Inc. (a)		9,704
	65	Preferred Bank/Los Angeles CA		4,576
	189	Premier Financial Corporation		4,691
	133	Primis Financial Corporation		1,557
	277	ProAssurance Corporation		5,510
	352	PROG Holdings, Inc. (a)		8,701
	78	Provident Bancorp, Inc.		715
	417	Provident Financial Services, Inc.		9,737
	78	QCR Holdings, Inc.		4,172
	968	Radian Group, Inc.		20,667
	78	RBB Bancorp		1,541
	316	Ready Capital Corporation		3,558
	13	Red River Bancshares, Inc.		658
	593	Redwood Trust, Inc.		4,513
	39	Regional Management Corporation		1,229
	303	Renasant Corporation		10,902
	52	Republic Bancorp, Inc./KY - Class A		2,314
	231	Republic First Bancorp, Inc. (a)		462
	215	RLI Corporation		29,650
	41	Root, Inc./OH - Class A (a)		205
	202	S&T Bancorp, Inc.		7,527
	78	Safety Insurance Group, Inc.		6,294
	241	Sandy Spring Bancorp, Inc.		7,941
	114	Sculptor Capital Management, Inc.		1,023
	349	Seacoast Banking Corporation of Florida		10,648
	303	Selective Insurance Group, Inc.		30,763
	730	Selectquote, Inc. (a)		1,708
	264	ServisFirst Bancshares, Inc.		19,523
	91	Shore Bancshares, Inc.		1,552
	78	Sierra Bancorp		1,576
	52	Silvercrest Asset Management Group, Inc. - Class A		925
	140	Silvergate Capital Corporation - Class A (a)		1,947
	681	Simmons First National Corporation - Class A		15,139
	453	SiriusPoint, Ltd. (a)		3,216
	65	SmartFinancial, Inc.		1,775
	52	South Plains Financial, Inc.		1,367
	39	Southern First Bancshares, Inc. (a)		1,570
	39	Southern Missouri Bancorp, Inc.		1,805
	166	Southside Bancshares, Inc.		6,340
	418	SouthState Corporation		33,723
	249	Stellar Bancorp, Inc.		7,283
	202	StepStone Group, Inc. - Class A		5,777
	88	Sterling Bancorp, Inc./MI (a)		546

The accompanying notes are an integral part of these financial statements.

18

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Financials — 16.9% (Continued)
	140	Stewart Information Services Corporation	$	5,949
	127	Stock Yards Bancorp, Inc.		7,433
	88	StoneX Group, Inc. (a)		8,873
	52	Summit Financial Group, Inc.		1,324
	125	Sunlight Financial Holdings, Inc. (a)		164
	19	SWK Holdings Corporation (a)		356
	264	Texas Capital Bancshares, Inc. (a)		17,485
	13	Third Coast Bancshares, Inc. (a)		240
	114	Tiptree, Inc.		1,835
	78	Tompkins Financial Corporation		5,834
	365	Towne Bank/Portsmouth VA		11,070
	316	TPG RE Finance Trust, Inc.		2,683
	88	Trean Insurance Group, Inc. (a)		536
	153	TriCo Bancshares		7,728
	127	Triumph Financial, Inc. (a)		7,728
	140	Trupanion, Inc. (a)		8,313
	101	TrustCo Bank Corporation NY		3,783
	342	Trustmark Corporation		10,055
	453	Two Harbors Investment Corporation		7,506
	228	UMB Financial Corporation		20,670
	730	United Bankshares, Inc./WV		29,762
	563	United Community Banks, Inc./GA		18,641
	114	United Fire Group, Inc.		3,254
	37	Unity Bancorp, Inc.		977
	140	Universal Insurance Holdings, Inc.		2,706
	153	Univest Financial Corporation		4,315
	57	USCB Financial Holdings, Inc. (a)		724
	2,177	Valley National Bancorp		25,210
	127	Value Line, Inc.		6,383
	233	Velocity Financial, Inc. (a)		2,246
	264	Veritex Holdings, Inc.		7,038
	84	Victory Capital Holdings, Inc. - Class A		2,853
	39	Virtus Investment Partners, Inc.		8,207
	153	Walker & Dunlop, Inc.		13,346
	352	Washington Federal, Inc.		12,345
	88	Washington Trust Bancorp, Inc.		3,696
	114	Waterstone Financial, Inc.		1,835
	342	WesBanco, Inc.		12,363
	78	West BanCorp, Inc.		1,643
	140	Westamerica BanCorp		7,717
	704	WisdomTree, Inc.		4,203
	13	World Acceptance Corporation (a)		1,214
	343	WSFS Financial Corporation		17,119
				2,242,899
		Health Care — 13.7%
	771	23andMe Holding Company - Class A (a)		1,935
	101	2seventy bio, Inc. (a)		1,362
	147	4D Molecular Therapeutics, Inc. (a)		2,828
	70	Aadi Bioscience, Inc. (a)		754
	997	AbCellera Biologics, Inc. (a)		8,375
	79	Absci Corporation (a)		167
	812	ACADIA Pharmaceuticals, Inc. (a)		16,800
	275	Accolade, Inc. (a)		3,055
	273	Aclaris Therapeutics, Inc. (a)		3,402
	386	AdaptHealth Corporation (a)		6,172
	473	Adaptive Biotechnologies Corporation (a)		4,044
	84	Addus HomeCare Corporation (a)		9,126
	110	Adicet Bio, Inc. (a)		867
	853	ADMA Biologics, Inc. (a)		3,028
	54	Aerovate Therapeutics, Inc. (a)		1,327
	627	Affimed NV (a)		570
	1,241	Agenus, Inc. (a)		2,556
	129	Agiliti, Inc. (a)		2,459
	296	Agios Pharmaceuticals, Inc. (a)		7,492
	32	AirSculpt Technologies, Inc.		210
	143	Akero Therapeutics, Inc. (a)		6,508
	71	Akoya Biosciences, Inc. (a)		819
	89	Albireo Pharma, Inc. (a)		3,965
	320	Alector, Inc. (a)		2,733
	437	Alignment Healthcare, Inc. (a)		4,344
	883	Alkermes plc (a)		23,611
	378	Allogene Therapeutics, Inc. (a)		2,400
	161	Allovir, Inc. (a)		1,087
	26	Alpha Teknova, Inc. (a)		141
	379	Alphatec Holdings, Inc. (a)		5,613
	66	Alpine Immune Sciences, Inc. (a)		526
	102	ALX Oncology Holdings, Inc. (a)		675
	1,015	American Well Corporation - Class A (a)		2,832
	1,365	Amicus Therapeutics, Inc. (a)		18,004
	247	AMN Healthcare Services, Inc. (a)		22,232
	506	Amneal Pharmaceuticals, Inc. (a)		1,042
	203	Amphastar Pharmaceuticals, Inc. (a)		6,468

The accompanying notes are an integral part of these financial statements.

19

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Health Care — 13.7% (Continued)
	55	Amylyx Pharmaceuticals, Inc. (a)	$	1,915
	22	AN2 Therapeutics, Inc. (a)		248
	105	AnaptysBio, Inc. (a)		2,615
	369	Anavex Life Sciences Corporation (a)		3,513
	203	AngioDynamics, Inc. (a)		2,513
	58	ANI Pharmaceuticals, Inc. (a)		2,427
	79	Anika Therapeutics, Inc. (a)		2,504
	391	Apellis Pharmaceuticals, Inc. (a)		25,603
	204	Apollo Medical Holdings, Inc. (a)		7,120
	438	Arbutus Biopharma Corporation (a)		1,218
	54	Arcellx, Inc. (a)		1,513
	116	Arcturus Therapeutics Holdings, Inc. (a)		1,885
	241	Arcus Biosciences, Inc. (a)		4,389
	143	Arcutis Biotherapeutics, Inc. (a)		2,314
	557	Arrowhead Pharmaceuticals, Inc. (a)		17,991
	209	Artivion, Inc. (a)		2,767
	246	Arvinas, Inc. (a)		7,540
	461	Atara Biotherapeutics, Inc. (a)		1,867
	354	Atea Pharmaceuticals, Inc. (a)		1,253
	176	Athira Pharma, Inc. (a)		542
	364	ATI Physical Therapy, Inc. - Class A (a)		127
	242	AtriCure, Inc. (a)		9,317
	7	Atrion Corporation		3,976
	33	Aura Biosciences, Inc. (a)		330
	649	Aurinia Pharmaceuticals, Inc. (a)		5,899
	257	Avanos Medical, Inc. (a)		7,214
	217	Aveanna Healthcare Holdings, Inc. (a)		265
	322	Avid Bioservices, Inc. (a)		5,300
	202	Avidity Biosciences, Inc. (a)		4,787
	231	Axogen, Inc. (a)		1,906
	244	Axonics, Inc. (a)		14,662
	145	Axsome Therapeutics, Inc. (a)		9,888
	20	Babylon Holdings, Ltd./Jersey - Class A (a)		199
	278	Beam Therapeutics, Inc. (a)		11,187
	247	Berkeley Lights, Inc. (a)		432
	973	BioCryst Pharmaceuticals, Inc. (a)		8,611
	145	Biohaven, Ltd. (a)		2,216
	56	BioLife Solutions, Inc. (a)		1,303
	1,661	Bionano Genomics, Inc. (a)		2,226
	155	Bioventus, Inc. - Class A (a)		330
	96	Bioxcel Therapeutics, Inc. (a)		3,064
	345	Bluebird Bio, Inc. (a)		1,794
	309	Blueprint Medicines Corporation (a)		13,092
	593	Bridgebio Pharma, Inc. (a)		6,772
	995	Brookdale Senior Living, Inc. (a)		3,214
	682	Butterfly Network, Inc. (a)		1,678
	208	C4 Therapeutics, Inc. (a)		1,096
	654	Cano Health, Inc. (a)		1,079
	246	Cara Therapeutics, Inc. (a)		2,499
	216	Cardiovascular Systems, Inc. (a)		4,257
	281	CareDx, Inc. (a)		4,726
	242	CareMax, Inc. - Class A (a)		1,040
	110	Caribou Biosciences, Inc. (a)		670
	189	Cassava Sciences, Inc. (a)		4,668
	118	Castle Biosciences, Inc. (a)		2,971
	536	Catalyst Pharmaceuticals, Inc. (a)		8,179
	253	Celldex Therapeutics, Inc. (a)		10,826
	72	Celularity, Inc. (a)		49
	66	Century Therapeutics, Inc. (a)		298
	209	Cerevel Therapeutics Holdings, Inc. (a)		5,578
	914	Cerus Corporation (a)		2,614
	391	Chimerix, Inc. (a)		618
	210	Chinook Therapeutics, Inc. (a)		4,582
	1,711	Clover Health Investments Corporation (a)		2,259
	331	Codexis, Inc. (a)		1,600
	206	Cogent Biosciences, Inc. (a)		2,725
	341	Coherus Biosciences, Inc. (a)		2,309
	190	Collegium Pharmaceutical, Inc. (a)		5,041
	671	Community Health Systems, Inc. (a)		4,066
	78	Computer Programs and Systems, Inc. (a)		2,341
	156	CONMED Corporation		15,006
	492	Corcept Therapeutics, Inc. (a)		10,248
	47	CorVel Corporation (a)		8,473
	243	Crinetics Pharmaceuticals, Inc. (a)		4,773
	192	Cross Country Healthcare, Inc. (a)		5,078
	218	CryoPort, Inc. (a)		4,722
	416	CTI BioPharma Corporation (a)		2,271
	66	Cue Health, Inc. (a)		142
	134	Cullinan Oncology, Inc. (a)		1,513
	95	Cutera, Inc. (a)		3,081
	93	Cytek Biosciences, Inc. (a)		958
	408	Cytokinetics, Inc. (a)		17,691

The accompanying notes are an integral part of these financial statements.

20

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Health Care — 13.7% (Continued)
	65	Day One Biopharmaceuticals, Inc. (a)	$	1,197
	210	Deciphera Pharmaceuticals, Inc. (a)		3,045
	520	Denali Therapeutics, Inc. (a)		14,118
	141	Design Therapeutics, Inc. (a)		997
	77	DICE Therapeutics, Inc. (a)		2,298
	378	DocGo, Inc. (a)		3,459
	638	Dynavax Technologies Corporation (a)		6,571
	166	Dyne Therapeutics, Inc. (a)		2,138
	65	Eagle Pharmaceuticals, Inc./DE (a)		1,820
	215	Edgewise Therapeutics, Inc. (a)		2,060
	380	Editas Medicine, Inc. (a)		3,435
	181	Eiger BioPharmaceuticals, Inc. (a)		340
	308	Embecta Corporation		9,841
	267	Emergent BioSolutions, Inc. (a)		3,305
	104	Enanta Pharmaceuticals, Inc. (a)		5,044
	106	Enochian Biosciences, Inc. (a)		109
	282	Ensign Group, Inc.		25,233
	587	EQRx, Inc. (a)		1,327
	132	Erasca, Inc. (a)		475
	154	Esperion Therapeutics, Inc. (a)		952
	447	Evolent Health, Inc. - Class A (a)		15,649
	170	Evolus, Inc. (a)		1,542
	117	EyePoint Pharmaceuticals, Inc. (a)		391
	420	Fate Therapeutics, Inc. (a)		2,570
	473	FibroGen, Inc. (a)		10,501
	638	Figs, Inc. - Class A (a)		5,876
	105	Foghorn Therapeutics, Inc. (a)		602
	154	Fulcrum Therapeutics, Inc. (a)		930
	110	Fulgent Genetics, Inc. (a)		3,607
	52	Gelesis Holdings, Inc. (a)		14
	644	GeneDx Holdings Corporation (a)		322
	230	Generation Bio Company (a)		911
	1,717	Geron Corporation (a)		4,773
	246	Glaukos Corporation (a)		11,619
	343	Gossamer Bio, Inc. (a)		593
	74	GreenLight Biosciences Holdings PBC (a)		36
	291	Haemonetics Corporation (a)		22,631
	748	Halozyme Therapeutics, Inc. (a)		35,896
	122	Harmony Biosciences Holdings, Inc. (a)		5,372
	286	Health Catalyst, Inc. (a)		3,993
	421	HealthEquity, Inc. (a)		27,436
	134	HealthStream, Inc.		3,437
	508	Heron Therapeutics, Inc. (a)		1,204
	55	Heska Corporation (a)		4,479
	56	HilleVax, Inc. (a)		944
	550	Hims & Hers Health, Inc. (a)		6,199
	82	Humacyte, Inc. (a)		251
	77	Icosavax, Inc. (a)		630
	172	Ideaya Biosciences, Inc. (a)		3,036
	44	IGM Biosciences, Inc. (a)		925
	404	ImmunityBio, Inc. (a)		986
	1,069	ImmunoGen, Inc. (a)		4,148
	221	Immunovant, Inc. (a)		3,861
	176	Inari Medical, Inc. (a)		9,902
	160	Inhibrx, Inc. (a)		3,850
	98	Innovage Holding Corporation (a)		744
	244	Innoviva, Inc. (a)		2,945
	111	Inogen, Inc. (a)		1,739
	65	Inotiv, Inc. (a)		488
	1,210	Inovio Pharmaceuticals, Inc. (a)		1,525
	638	Insmed, Inc. (a)		13,002
	144	Inspire Medical Systems, Inc. (a)		37,431
	264	Instil Bio, Inc. (a)		205
	180	Integer Holdings Corporation (a)		13,496
	329	Intellia Therapeutics, Inc. (a)		13,216
	141	Intercept Pharmaceuticals, Inc. (a)		2,845
	319	Intra-Cellular Therapies, Inc. (a)		15,640
	1,007	Invitae Corporation (a)		2,165
	132	Invivyd, Inc. (a)		230
	701	Iovance Biotherapeutics, Inc. (a)		5,110
	33	iRadimed Corporation		1,253
	154	iRhythm Technologies, Inc. (a)		18,123
	796	Ironwood Pharmaceuticals, Inc. (a)		8,971
	108	iTeos Therapeutics, Inc. (a)		1,913
	607	IVERIC bio, Inc. (a)		12,613
	78	Janux Therapeutics, Inc. (a)		1,297
	70	Joint Corporation (a)		1,099
	173	Jounce Therapeutics, Inc. (a)		194
	119	KalVista Pharmaceuticals, Inc. (a)		872
	115	Karuna Therapeutics, Inc. (a)		22,933
	363	Karyopharm Therapeutics, Inc. (a)		1,096
	80	Keros Therapeutics, Inc. (a)		4,258
	192	Kezar Life Sciences, Inc. (a)		1,208
	170	Kiniksa Pharmaceuticals, Ltd. - Class A (a)		2,186
	142	Kinnate Biopharma, Inc. (a)		750
	178	Kodiak Sciences, Inc. (a)		1,157

The accompanying notes are an integral part of these financial statements.

21

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Health Care — 13.7% (Continued)
	204	Kronos Bio, Inc. (a)	$	355
	99	Krystal Biotech, Inc. (a)		8,109
	321	Kura Oncology, Inc. (a)		3,826
	174	Kymera Therapeutics, Inc. (a)		5,460
	342	Lantheus Holdings, Inc. (a)		25,294
	101	LeMaitre Vascular, Inc.		5,061
	352	Lexicon Pharmaceuticals, Inc. (a)		792
	228	LifeStance Health Group, Inc. (a)		1,167
	78	Ligand Pharmaceuticals, Inc. (a)		5,627
	245	Liquidia Corporation (a)		1,855
	277	LivaNova plc (a)		13,108
	114	Lyell Immunopharma, Inc. (a)		245
	316	MacroGenics, Inc. (a)		1,924
	65	Madrigal Pharmaceuticals, Inc. (a)		17,616
	1,372	MannKind Corporation (a)		7,244
	479	MaxCyte, Inc. (a)		2,175
	153	Medpace Holdings, Inc. (a)		29,663
	127	MeiraGTx Holdings plc (a)		980
	277	Merit Medical Systems, Inc. (a)		19,551
	365	Mersana Therapeutics, Inc. (a)		2,212
	26	Mesa Laboratories, Inc.		4,590
	606	MiMedx Group, Inc. (a)		2,915
	13	Mirum Pharmaceuticals, Inc. (a)		306
	65	ModivCare, Inc. (a)		6,382
	67	Monte Rosa Therapeutics, Inc. (a)		407
	114	Morphic Holding, Inc. (a)		4,847
	2,138	Multiplan Corporation (a)		2,159
	417	Myriad Genetics, Inc. (a)		7,890
	228	NanoString Technologies, Inc. (a)		2,225
	187	Nano-X Imaging, Ltd. (a)		1,363
	65	National HealthCare Corporation		3,622
	78	National Research Corporation		3,522
	222	Nautilus Biotechnology, Inc. (a)		471
	870	Nektar Therapeutics (a)		1,201
	580	Neogen Corporation (a)		10,260
	580	NeoGenomics, Inc. (a)		9,773
	189	Nevro Corporation (a)		5,942
	303	NextGen Healthcare, Inc. (a)		5,487
	166	NGM Biopharmaceuticals, Inc. (a)		787
	65	Nkarta, Inc. (a)		273
	153	Nurix Therapeutics, Inc. (a)		1,443
	201	Nutex Health, Inc. (a)		275
	52	Nuvalent, Inc. - Class A (a)		1,575
	277	NuVasive, Inc. (a)		11,975
	893	Nuvation Bio, Inc. (a)		1,732
	945	Ocugen, Inc. (a)		941
	365	Ocular Therapeutix, Inc. (a)		2,205
	382	OmniAb, Inc. (a)		1,593
	228	Omnicell, Inc. (a)		12,412
	81	Oncology Institute, Inc. (a)		114
	2,112	OPKO Health, Inc. (a)		2,408
	88	OptimizeRx Corporation (a)		1,571
	857	Option Care Health, Inc. (a)		26,283
	404	OraSure Technologies, Inc. (a)		2,549
	202	Organogenesis Holdings, Inc. (a)		495
	170	Orthofix Medical, Inc. (a)		3,502
	78	OrthoPediatrics Corporation (a)		3,413
	440	Outlook Therapeutics, Inc. (a)		480
	241	Outset Medical, Inc. (a)		5,497
	378	Owens & Minor, Inc. (a)		5,795
	80	Owlet, Inc. (a)		29
	132	P3 Health Partners, Inc. (a)		158
	1,007	Pacific Biosciences of California, Inc. (a)		9,143
	228	Pacira BioSciences, Inc. (a)		9,706
	52	Paragon 28, Inc. (a)		916
	133	Pardes Biosciences, Inc. (a)		188
	466	Patterson Companies, Inc.		12,358
	359	Pear Therapeutics, Inc. (a)		355
	404	Pediatrix Medical Group, Inc. (a)		6,359
	127	Pennant Group, Inc. (a)		1,908
	38	PepGen, Inc. (a)		580
	140	PetIQ, Inc. (a)		1,305
	101	Phathom Pharmaceuticals, Inc. (a)		865
	114	Phibro Animal Health Corporation - Class A		1,791
	329	Phreesia, Inc. (a)		12,107
	140	PMV Pharmaceuticals, Inc. (a)		1,009
	340	Point Biopharma Global, Inc. (a)		2,547
	176	Praxis Precision Medicines, Inc. (a)		539
	492	Precigen, Inc. (a)		620
	277	Prestige Consumer Healthcare, Inc. (a)		16,688
	60	Prime Medicine, Inc. (a)		986
	78	Privia Health Group, Inc. (a)		2,179
	39	PROCEPT BioRobotics Corporation (a)		1,461
	342	Progyny, Inc. (a)		12,846
	140	Prometheus Biosciences, Inc. (a)		17,135
	241	Protagonist Therapeutics, Inc. (a)		3,909
	189	Prothena Corporation plc (a)		10,539
	290	Provention Bio, Inc. (a)		2,407
	378	PTC Therapeutics, Inc. (a)		16,507

The accompanying notes are an integral part of these financial statements.

22

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Health Care — 13.7% (Continued)
	127	Pulmonx Corporation (a)	$	1,426
	153	Quanterix Corporation (a)		1,683
	402	Quantum-Si, Inc. - Class A (a)		732
	629	R1 RCM, Inc. (a)		8,932
	241	RadNet, Inc. (a)		5,684
	39	Rallybio Corporation (a)		307
	101	RAPT Therapeutics, Inc. (a)		2,974
	241	Reata Pharmaceuticals, Inc. - Class A (a)		7,512
	606	Recursion Pharmaceuticals, Inc. - Class A (a)		4,939
	202	REGENXBIO, Inc. (a)		4,495
	352	Relay Therapeutics, Inc. (a)		5,685
	65	Relmada Therapeutics, Inc. (a)		234
	153	Replimune Group, Inc. (a)		3,351
	342	Revance Therapeutics, Inc. (a)		11,866
	316	REVOLUTION Medicines, Inc. (a)		8,456
	906	Rigel Pharmaceuticals, Inc. (a)		1,368
	215	Rocket Pharmaceuticals, Inc. (a)		4,130
	39	RxSight, Inc. (a)		535
	242	Sage Therapeutics, Inc. (a)		10,077
	417	Sana Biotechnology, Inc. (a)		1,530
	642	Sangamo Therapeutics, Inc. (a)		1,958
	228	Schrodinger, Inc./United States (a)		4,954
	289	Science 37 Holdings, Inc. (a)		95
	192	Scilex Holding Company (a)		1,658
	189	Seer, Inc. (a)		773
	593	Select Medical Holdings Corporation		16,124
	2,177	Senseonics Holdings, Inc. (a)		2,264
	378	Seres Therapeutics, Inc. (a)		1,909
	264	Sharecare, Inc. (a)		618
	176	Shockwave Medical, Inc. (a)		33,482
	166	SI-BONE, Inc. (a)		3,283
	241	SIGA Technologies, Inc.		1,651
	52	Sight Sciences, Inc. (a)		571
	176	Silk Road Medical, Inc. (a)		9,326
	78	Simulations Plus, Inc.		2,967
	65	Singular Genomics Systems, Inc. (a)		140
	682	SomaLogic, Inc. (a)		1,732
	127	SpringWorks Therapeutics, Inc. (a)		4,051
	254	STAAR Surgical Company (a)		14,069
	101	Stoke Therapeutics, Inc. (a)		898
	264	Supernus Pharmaceuticals, Inc. (a)		9,924
	166	Surgery Partners, Inc. (a)		5,553
	65	Surmodics, Inc. (a)		1,420
	241	Sutro Biopharma, Inc. (a)		1,359
	228	Syndax Pharmaceuticals, Inc. (a)		5,780
	101	Tactile Systems Technology, Inc. (a)		1,459
	101	Talaris Therapeutics, Inc. (a)		196
	224	Tango Therapeutics, Inc. (a)		1,172
	39	Tarsus Pharmaceuticals, Inc. (a)		604
	78	Tenaya Therapeutics, Inc. (a)		239
	17	Tenon Medical, Inc. (a)		39
	681	TG Therapeutics, Inc. (a)		10,910
	264	Theravance Biopharma, Inc. (a)		2,851
	65	Theseus Pharmaceuticals, Inc. (a)		603
	72	Third Harmonic Bio, Inc. (a)		305
	127	TransMedics Group, Inc. (a)		10,169
	316	Travere Therapeutics, Inc. (a)		7,003
	153	Treace Medical Concepts, Inc. (a)		3,283
	241	Twist Bioscience Corporation (a)		4,690
	65	Tyra Biosciences, Inc. (a)		859
	26	UFP Technologies, Inc. (a)		3,061
	65	US Physical Therapy, Inc.		6,586
	13	Utah Medical Products, Inc.		1,193
	290	Vanda Pharmaceuticals, Inc. (a)		1,868
	202	Varex Imaging Corporation (a)		3,573
	606	Vaxart, Inc. (a)		472
	202	Vaxcyte, Inc. (a)		8,276
	870	VBI Vaccines, Inc. (a)		418
	52	Ventyx Biosciences, Inc. (a)		2,249
	65	Vera Therapeutics, Inc. (a)		483
	342	Veracyte, Inc. (a)		8,417
	616	Veradigm, Inc. (a)		10,232
	241	Vericel Corporation (a)		7,329
	78	Verve Therapeutics, Inc. (a)		1,482
	261	Vicarious Surgical, Inc. (a)		731
	642	ViewRay, Inc. (a)		2,773
	290	Vir Biotechnology, Inc. (a)		6,612
	121	Viridian Therapeutics, Inc. (a)		3,964
	945	VistaGen Therapeutics, Inc. (a)		166
	303	Xencor, Inc. (a)		9,735
	599	Xeris Biopharma Holdings, Inc. (a)		827
	176	Y-mAbs Therapeutics, Inc. (a)		669
	189	Zentalis Pharmaceuticals, Inc. (a)		3,578
	106	Zimvie, Inc. (a)		1,206
	110	Zynex, Inc. (a)		1,421
				1,822,948

The accompanying notes are an integral part of these financial statements.

23

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Industrials — 16.0%
	675	3D Systems Corporation (a)	$	6,608
	231	AAON, Inc.		21,012
	181	AAR Corporation (a)		9,845
	373	ABM Industries, Inc.		18,056
	518	ACCO Brands Corporation		2,937
	528	ACV Auctions, Inc. - Class A (a)		6,463
	408	Aerojet Rocketdyne Holdings, Inc. (a)		22,987
	128	AeroVironment, Inc. (a)		10,975
	52	AerSale Corporation (a)		1,033
	319	Air Transport Services Group, Inc. (a)		6,677
	56	Alamo Group, Inc.		10,214
	161	Albany International Corporation - Class A		16,248
	1,611	Alight, Inc. - Class A (a)		15,466
	79	Allegiant Travel Company (a)		8,101
	66	Allied Motion Technologies, Inc.		2,849
	105	Alta Equipment Group, Inc.		1,975
	357	Altra Industrial Motion Corporation		21,966
	168	Ameresco, Inc. - Class A (a)		7,384
	89	American Woodmark Corporation (a)		4,537
	1,086	API Group Corporation (a)		25,510
	128	Apogee Enterprises, Inc.		5,857
	210	Applied Industrial Technologies, Inc.		30,001
	141	ArcBest Corporation		13,564
	591	Archer Aviation, Inc. - Class A (a)		1,743
	270	Arcosa, Inc.		16,362
	81	Argan, Inc.		3,148
	106	Aris Water Solutions, Inc. - Class A		1,501
	722	Array Technologies, Inc. (a)		13,530
	280	ASGN, Inc. (a)		24,865
	128	Astec Industries, Inc.		5,764
	694	Astra Space, Inc. (a)		396
	140	Astronics Corporation (a)		2,134
	257	Atkore, Inc. (a)		37,527
	154	Atlas Air Worldwide Holdings, Inc. (a)		15,525
	79	Atlas Technical Consultants, Inc. (a)		966
	133	AZZ, Inc.		5,406
	308	Babcock & Wilcox Enterprises, Inc. (a)		1,999
	259	Barnes Group, Inc.		10,914
	41	Barrett Business Services, Inc.		3,935
	308	Beacon Roofing Supply, Inc. (a)		20,020
	232	Berkshire Grey, Inc. (a)		306
	748	Bird Global, Inc. - Class A (a)		151
	274	Blade Air Mobility, Inc. (a)		1,274
	205	Blink Charging Company (a)		1,855
	784	Bloom Energy Corporation - Class A (a)		17,005
	91	Blue Bird Corporation (a)		1,848
	52	BlueLinx Holdings, Inc. (a)		4,388
	210	Boise Cascade Company		14,513
	257	Brady Corporation - Class A		14,176
	241	BrightView Holdings, Inc. (a)		1,523
	269	Brink’s Company		17,552
	144	Brookfield Business Corporation - Class A		2,794
	33	Cadre Holdings, Inc.		709
	121	Caesarstone, Ltd.		704
	278	Casella Waste Systems, Inc. - Class A (a)		21,633
	272	CBIZ, Inc. (a)		13,624
	207	Chart Industries, Inc. (a)		27,635
	96	Cimpress plc (a)		3,372
	99	CIRCOR International, Inc. (a)		2,898
	154	Columbus McKinnon Corporation/NY		5,716
	195	Comfort Systems USA, Inc.		28,361
	8	CompX International, Inc.		150
	144	Concrete Pumping Holdings, Inc. (a)		1,125
	153	Construction Partners, Inc. - Class A (a)		4,139
	636	CoreCivic, Inc. (a)		6,176
	286	Costamare, Inc.		3,003
	66	Covenant Logistics Group, Inc.		2,287
	41	CRA International, Inc.		5,103
	82	CSW Industrials, Inc.		11,608
	253	Custom Truck One Source, Inc. (a)		1,832
	219	Daseke, Inc. (a)		1,785
	231	Deluxe Corporation		4,260
	1,048	Desktop Metal, Inc. - Class A (a)		1,593
	26	Distribution Solutions Group, Inc. (a)		1,155
	114	Douglas Dynamics, Inc.		4,251
	58	Ducommun, Inc. (a)		3,120
	98	DXP Enterprises, Inc./TX (a)		2,833
	161	Dycom Industries, Inc. (a)		13,558
	47	Eagle Bulk Shipping, Inc.		3,068

The accompanying notes are an integral part of these financial statements.

24

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Industrials — 16.0% (Continued)
	294	EMCOR Group, Inc.	$	49,162
	101	Encore Wire Corporation		19,494
	230	Energy Recovery, Inc. (a)		5,076
	138	Energy Vault Holdings, Inc. (a)		461
	367	Enerpac Tool Group Corporation		9,883
	234	EnerSys		21,221
	132	Eneti, Inc.		1,397
	141	Ennis, Inc.		3,067
	526	Enovix Corporation (a)		4,850
	114	EnPro Industries, Inc.		12,255
	144	ESCO Technologies, Inc.		13,419
	344	ESS Tech, Inc. (a)		626
	632	Evoqua Water Technologies Corporation (a)		30,690
	286	Exponent, Inc.		29,430
	53	Fathom Digital Manufacturing Corporation (a)		63
	335	Federal Signal Corporation		17,678
	297	First Advantage Corporation (a)		4,309
	166	Fluence Energy, Inc. (a)		3,099
	790	Fluor Corporation (a)		28,968
	60	Forrester Research, Inc. (a)		1,973
	144	Forward Air Corporation		14,862
	67	Franklin Covey Company (a)		3,140
	255	Franklin Electric Company, Inc.		24,370
	176	Frontier Group Holdings, Inc. (a)		2,070
	107	FTC Solar, Inc. (a)		328
	2,002	FuelCell Energy, Inc. (a)		6,687
	191	GATX Corporation		20,836
	174	Genco Shipping & Trading, Ltd.		3,315
	658	GEO Group, Inc. (a)		5,764
	166	Gibraltar Industries, Inc. (a)		8,866
	70	Global Industrial Company		1,969
	231	GMS, Inc. (a)		14,024
	657	Golden Ocean Group, Ltd.		6,820
	127	Gorman-Rupp Company		3,538
	1,125	GrafTech International, Ltd.		6,356
	247	Granite Construction, Inc.		10,670
	358	Great Lakes Dredge & Dock Corporation (a)		2,053
	170	Greenbrier Companies, Inc.		5,459
	242	Griffon Corporation		8,826
	178	H&E Equipment Services, Inc.		9,879
	424	Harsco Corporation (a)		3,587
	264	Hawaiian Holdings, Inc. (a)		2,957
	418	Healthcare Services Group, Inc. (a)		5,547
	259	Heartland Express, Inc.		4,178
	108	Heidrick & Struggles International, Inc.		3,708
	92	Heliogen, Inc. (a)		29
	179	Helios Technologies, Inc.		12,125
	143	Herc Holdings, Inc.		20,533
	85	Heritage-Crystal Clean, Inc. (a)		3,058
	404	Hillenbrand, Inc.		19,045
	704	Hillman Solutions Corporation (a)		6,259
	131	HireRight Holdings Corporation (a)		1,444
	242	HNI Corporation		7,563
	181	Hub Group, Inc. - Class A (a)		16,603
	215	Hudson Technologies, Inc. (a)		2,178
	122	Huron Consulting Group, Inc. (a)		8,563
	209	Hydrofarm Holdings Group, Inc. (a)		401
	650	Hyliion Holdings Corporation (a)		1,840
	56	Hyster-Yale Materials Handling, Inc.		2,179
	394	Hyzon Motors, Inc. (a)		512
	103	ICF International, Inc.		10,247
	46	IES Holdings, Inc. (a)		1,935
	202	Insperity, Inc.		25,067
	103	Insteel Industries, Inc.		3,064
	303	Interface, Inc.		2,672
	397	Janus International Group, Inc. (a)		4,125
	498	JELD-WEN Holding, Inc. (a)		6,549
	1,237	Joby Aviation, Inc. (a)		5,814
	171	John Bean Technologies Corporation		18,962
	67	Kadant, Inc.		14,382
	155	Kaman Corporation		4,030
	661	KAR Auction Services, Inc. (a)		9,446
	22	Karat Packaging, Inc.		341
	194	Kelly Services, Inc. - Class A		3,246
	457	Kennametal, Inc.		12,947
	111	Kforce, Inc.		6,936
	202	Kimball International, Inc. - Class B		1,396
	293	Korn Ferry		16,376
	671	Kratos Defense & Security Solutions, Inc. (a)		8,488
	507	Legalzoom.com, Inc. (a)		4,142
	675	Li-Cycle Holdings Corporation (a)		4,091
	177	Lightning eMotors, Inc. (a)		119
	52	Lindsay Corporation		7,825

The accompanying notes are an integral part of these financial statements.

25

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Industrials — 16.0% (Continued)
	140	Liquidity Services, Inc. (a)	$	1,772
	153	Luxfer Holdings plc		2,535
	176	Manitowoc Company, Inc. (a)		3,328
	558	Markforged Holding Corporation (a)		742
	316	Marten Transport, Ltd.		6,974
	132	Masonite International Corporation (a)		11,722
	228	Matson, Inc.		15,163
	166	Matthews International Corporation - Class A		6,335
	378	Maxar Technologies, Inc.		19,467
	127	McGrath RentCorp		13,061
	792	Microvast Holdings, Inc. (a)		1,022
	52	Miller Industries, Inc./TN		1,446
	378	MillerKnoll, Inc.		9,023
	288	Momentus, Inc. (a)		238
	140	Montrose Environmental Group, Inc. (a)		6,817
	153	Moog, Inc. - Class A		15,089
	430	MRC Global, Inc. (a)		4,816
	290	Mueller Industries, Inc.		21,451
	844	Mueller Water Products, Inc. - Class A		11,706
	88	MYR Group, Inc. (a)		10,614
	26	National Presto Industries, Inc.		1,784
	1,222	Nikola Corporation (a)		2,713
	39	NL Industries, Inc.		284
	52	Northwest Pipe Company (a)		2,002
	588	NOW, Inc. (a)		7,556
	88	NuScale Power Corporation (a)		911
	65	NV5 Global, Inc. (a)		6,839
	13	Omega Flex, Inc.		1,513
	26	PAM Transportation Services, Inc. (a)		754
	101	Park Aerospace Corporation		1,658
	140	Parsons Corporation (a)		6,304
	303	PGT Innovations, Inc. (a)		6,408
	932	Pitney Bowes, Inc.		4,045
	744	Planet Labs PBC (a)		3,430
	39	Powell Industries, Inc.		1,730
	13	Preformed Line Products Company		1,159
	277	Primoris Services Corporation		7,618
	1,058	Proterra, Inc. (a)		4,444
	140	Proto Labs, Inc. (a)		4,402
	182	Quad/Graphics, Inc. (a)		890
	176	Quanex Building Products Corporation		4,567
	215	Radiant Logistics, Inc. (a)		1,221
	153	RBC Bearings, Inc. (a)		35,161
	48	Red Violet, Inc. (a)		978
	99	Redwire Corporation (a)		384
	805	Resideo Technologies, Inc. (a)		14,764
	166	Resources Connection, Inc.		2,998
	153	REV Group, Inc.		1,789
	1,010	Rocket Lab USA, Inc. (a)		4,545
	215	Rush Enterprises, Inc. - Class A		12,186
	26	Rush Enterprises, Inc. - Class B		1,559
	352	Safe Bulkers, Inc.		1,320
	127	Saia, Inc. (a)		34,401
	367	Sarcos Technology and Robotics Corporation (a)		231
	529	Shoals Technologies Group, Inc. - Class A (a)		12,982
	176	Shyft Group, Inc.		4,564
	228	Simpson Manufacturing Company, Inc.		24,592
	408	Skillsoft Corporation (a)		636
	264	SkyWest, Inc. (a)		5,034
	114	SP Plus Corporation (a)		3,878
	617	Spire Global, Inc. (a)		636
	505	Spirit Airlines, Inc.		9,252
	241	SPX Technologies, Inc. (a)		16,976
	65	Standex International Corporation		7,519
	466	Steelcase, Inc. - Class A		3,667
	580	Stem, Inc. (a)		4,733
	88	Sterling Check Corporation (a)		1,119
	140	Sterling Infrastructure, Inc. (a)		5,384
	166	Sun Country Airlines Holdings, Inc. (a)		3,328
	440	SunPower Corporation (a)		6,609
	101	Tennant Company		7,153
	352	Terex Corporation		20,842
	108	Terran Orbital Corporation (a)		287
	241	Textainer Group Holdings, Ltd.		7,934
	176	Thermon Group Holdings, Inc. (a)		4,655
	254	Titan International, Inc. (a)		3,152
	101	Titan Machinery, Inc. (a)		4,625
	202	TPI Composites, Inc. (a)		2,335
	26	Transcat, Inc. (a)		2,340
	215	TriNet Group, Inc. (a)		17,817
	404	Trinity Industries, Inc.		11,276
	352	Triton International, Ltd.		24,267
	329	Triumph Group, Inc. (a)		4,152

The accompanying notes are an integral part of these financial statements.

26

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Industrials — 16.0% (Continued)
	189	TrueBlue, Inc. (a)	$	3,534
	636	TuSimple Holdings, Inc. - Class A (a)		1,221
	215	Tutor Perini Corporation (a)		1,744
	316	UFP Industries, Inc.		27,028
	78	UniFirst Corporation/MA		15,298
	39	Universal Logistics Holdings, Inc.		1,158
	629	Upwork, Inc. (a)		7,133
	52	V2X, Inc. (a)		2,411
	240	Velo3D, Inc. (a)		761
	78	Veritiv Corporation		11,812
	101	Viad Corporation (a)		2,597
	114	Vicor Corporation (a)		5,358
	681	View, Inc. (a)		432
	1,014	Virgin Galactic Holdings, Inc. (a)		5,820
	52	VSE Corporation		2,985
	264	Wabash National Corporation		7,234
	153	Watts Water Technologies, Inc. - Class A		26,810
	329	Werner Enterprises, Inc.		15,282
	744	Wheels Up Experience, Inc. (a)		826
	52	Willdan Group, Inc. (a)		939
	235	Xos, Inc. (a)		180
	642	Zurn Elkay Water Solutions Corporation		14,766
				2,123,487
		Information Technology — 12.0%
	619	8x8, Inc. (a)		3,293
	88	908 Devices, Inc. (a)		792
	316	A10 Networks, Inc.		4,810
	634	ACI Worldwide, Inc. (a)		16,389
	232	ACM Research, Inc. - Class A (a)		2,408
	541	Adeia, Inc.		5,334
	260	ADTRAN Holdings, Inc.		4,537
	207	Advanced Energy Industries, Inc.		19,268
	597	Aeva Technologies, Inc. (a)		1,069
	122	AEye, Inc. (a)		72
	110	Agilysys, Inc. (a)		8,790
	264	Akoustis Technologies, Inc. (a)		987
	254	Alarm.com Holdings, Inc. (a)		12,911
	146	Alkami Technology, Inc. (a)		2,243
	114	Alpha & Omega Semiconductor, Ltd. (a)		3,045
	253	Altair Engineering, Inc. - Class A (a)		16,207
	181	Ambarella, Inc. (a)		17,070
	170	American Software, Inc./GA - Class A		2,302
	550	Amkor Technology, Inc.		14,168
	253	Amplitude, Inc. - Class A (a)		3,340
	102	Appfolio, Inc. - Class A (a)		13,470
	209	Appian Corporation - Class A (a)		8,663
	39	Applied Digital Corporation (a)		103
	434	Arlo Technologies, Inc. (a)		1,649
	28	Arteris, Inc. (a)		184
	368	Asana, Inc. - Class A (a)		5,443
	109	Atomera, Inc. (a)		723
	600	AvePoint, Inc. (a)		3,000
	57	Aviat Networks, Inc. (a)		2,025
	198	Avid Technology, Inc. (a)		5,754
	143	AvidXchange Holdings, Inc. (a)		1,423
	178	Axcelis Technologies, Inc. (a)		22,880
	210	AXT, Inc. (a)		918
	161	Badger Meter, Inc.		19,581
	242	Belden, Inc.		20,420
	186	Benchmark Electronics, Inc.		4,425
	257	BigCommerce Holdings, Inc. (a)		2,447
	261	Blackbaud, Inc. (a)		14,535
	297	Blackline, Inc. (a)		20,303
	808	Blend Labs, Inc. - Class A (a)		1,277
	782	Box, Inc. - Class A (a)		26,081
	221	Brightcove, Inc. (a)		1,187
	331	C3.ai, Inc. - Class A (a)		7,474
	292	Calix, Inc. (a)		14,936
	55	Cambium Networks Corporation (a)		1,104
	323	Cantaloupe, Inc. (a)		1,860
	171	Casa Systems, Inc. (a)		619
	77	Cass Information Systems, Inc.		3,723
	35	Cepton, Inc. (a)		36
	202	Cerberus Cyber Sentinel Corporation (a)		115
	209	Cerence, Inc. (a)		5,722
	121	CEVA, Inc. (a)		3,819
	160	Cipher Mining, Inc. (a)		243
	193	Cleanspark, Inc. (a)		533
	292	Clear Secure, Inc. - Class A		8,976
	57	Clearfield, Inc. (a)		3,573
	255	Cohu, Inc. (a)		9,486
	981	CommScope Holding Company, Inc. (a)		7,102
	253	CommVault Systems, Inc. (a)		14,897
	42	CompoSecure, Inc. (a)		290
	142	Comtech Telecommunications Corporation		2,271
	897	Conduent, Inc. (a)		3,570

The accompanying notes are an integral part of these financial statements.

27

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Information Technology — 12.0% (Continued)
	86	Consensus Cloud Solutions, Inc. (a)	$	3,529
	155	Corsair Gaming, Inc. (a)		2,713
	55	Couchbase, Inc. (a)		894
	133	Credo Technology Group Holding, Ltd. (a)		1,411
	26	CS Disco, Inc. (a)		182
	173	CSG Systems International, Inc.		9,723
	168	CTS Corporation		7,276
	395	Cvent Holding Corporation (a)		2,868
	208	Cyxtera Technologies, Inc. (a)		466
	396	Diebold Nixdorf, Inc. (a)		1,275
	183	Digi International, Inc. (a)		6,107
	66	Digimarc Corporation (a)		1,346
	467	Digital Turbine, Inc. (a)		5,016
	253	DigitalOcean Holdings, Inc. (a)		8,091
	231	Diodes, Inc. (a)		21,180
	147	Domo, Inc. - Class B (a)		2,259
	355	Duck Creek Technologies, Inc. (a)		6,724
	94	DZS, Inc. (a)		996
	1,060	E2open Parent Holdings, Inc. (a)		6,572
	247	Eastman Kodak Company (a)		855
	146	Ebix, Inc.		2,537
	580	Edgio, Inc. (a)		713
	117	eGain Corporation (a)		914
	121	Enfusion, Inc. - Class A (a)		1,297
	81	EngageSmart, Inc. (a)		1,704
	297	Envestnet, Inc. (a)		18,565
	65	ePlus, Inc. (a)		3,521
	196	Everbridge, Inc. (a)		6,405
	92	EverCommerce, Inc. (a)		920
	331	EVERTEC, Inc.		12,184
	256	Evo Payments, Inc. - Class A (a)		8,666
	393	Evolv Technologies Holdings, Inc. (a)		1,081
	177	ExlService Holdings, Inc. (a)		29,117
	689	Extreme Networks, Inc. (a)		12,898
	203	Fabrinet (a)		24,740
	99	FARO Technologies, Inc. (a)		2,693
	495	Fastly, Inc. - Class A (a)		6,876
	331	Flywire Corporation (a)		8,186
	80	Focus Universal, Inc. (a)		404
	132	ForgeRock, Inc. - Class A (a)		2,698
	418	FormFactor, Inc. (a)		12,582
	63	Greenidge Generation Holdings, Inc. (a)		32
	254	Grid Dynamics Holdings, Inc. (a)		2,959
	132	Hackett Group, Inc.		2,460
	494	Harmonic, Inc. (a)		6,516
	117	I3 Verticals, Inc. - Class A (a)		2,879
	32	IBEX Holdings, Ltd. (a)		894
	155	Ichor Holdings, Ltd. (a)		5,107
	119	Identiv, Inc. (a)		835
	88	Impinj, Inc. (a)		11,671
	471	indie Semiconductor, Inc. - Class A (a)		4,927
	1,012	Infinera Corporation (a)		7,155
	176	Information Services Group, Inc.		928
	474	Inseego Corporation (a)		424
	176	Insight Enterprises, Inc. (a)		23,570
	66	Instructure Holdings, Inc. (a)		1,701
	55	Intapp, Inc. (a)		2,177
	167	InterDigital, Inc.		12,189
	179	International Money Express, Inc. (a)		4,573
	552	IonQ, Inc. (a)		2,616
	278	IronNet, Inc. (a)		132
	253	Itron, Inc. (a)		14,110
	149	Kaleyra, Inc. (a)		127
	133	Kimball Electronics, Inc. (a)		3,326
	483	Knowles Corporation (a)		8,201
	333	Kulicke & Soffa Industries, Inc.		17,749
	331	Latch, Inc. (a)		261
	474	Lightwave Logic, Inc. (a)		2,797
	329	LivePerson, Inc. (a)		3,329
	329	LiveRamp Holdings, Inc. (a)		7,774
	118	LiveVox Holdings, Inc. (a)		269
	241	MACOM Technology Solutions Holdings, Inc. (a)		16,518
	518	Marathon Digital Holdings, Inc. (a)		3,678
	2,096	Marqeta, Inc. - Class A (a)		12,157
	976	Matterport, Inc. (a)		2,977
	329	Maximus, Inc.		27,004
	352	MaxLinear, Inc. (a)		12,042
	65	MeridianLink, Inc. (a)		1,024
	215	Methode Electronics, Inc.		10,477
	39	MicroStrategy, Inc. - Class A (a)		10,229
	818	MicroVision, Inc. (a)		2,094
	621	Mirion Technologies, Inc. (a)		5,639
	228	Mitek Systems, Inc. (a)		2,120
	176	Model N, Inc. (a)		5,843
	616	Momentive Global, Inc. (a)		4,250
	440	MoneyGram International, Inc. (a)		4,774

The accompanying notes are an integral part of these financial statements.

28

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Information Technology — 12.0% (Continued)
	328	N-able, Inc. (a)	$	3,884
	153	Napco Security Technologies, Inc. (a)		4,835
	153	NETGEAR, Inc. (a)		2,769
	352	NetScout Systems, Inc. (a)		10,011
	242	NextNav, Inc. (a)		668
	228	nLight, Inc. (a)		2,576
	176	Novanta, Inc. (a)		27,616
	434	Olo, Inc. - Class A (a)		3,442
	127	ON24, Inc. (a)		1,224
	167	Ondas Holdings, Inc. (a)		314
	189	OneSpan, Inc. (a)		2,555
	254	Onto Innovation, Inc. (a)		20,947
	88	OSI Systems, Inc. (a)		8,144
	1,164	Ouster, Inc. (a)		1,397
	391	PagerDuty, Inc. (a)		11,675
	127	PAR Technology Corporation (a)		4,337
	982	Payoneer Global, Inc. (a)		5,696
	138	Paysafe Ltd. (a)		2,752
	60	PC Connection, Inc.		2,628
	153	PDF Solutions, Inc. (a)		5,728
	153	Perficient, Inc. (a)		10,832
	88	PFSweb, Inc.		567
	241	Photronics, Inc. (a)		4,246
	153	Plexus Corporation (a)		14,671
	417	Porch Group, Inc. (a)		1,043
	316	Power Integrations, Inc.		25,992
	303	PowerSchool Holdings, Inc. - Class A (a)		6,954
	52	Priority Technology Holdings, Inc. (a)		204
	228	Progress Software Corporation		13,096
	202	PROS Holdings, Inc. (a)		5,270
	277	Q2 Holdings, Inc. (a)		8,942
	166	Qualys, Inc. (a)		19,613
	290	Rackspace Technology, Inc. (a)		682
	541	Rambus, Inc. (a)		23,928
	290	Rapid7, Inc. (a)		13,717
	65	Remitly Global, Inc. (a)		951
	430	Repay Holdings Corporation (a)		3,646
	352	Ribbon Communications, Inc. (a)		1,570
	128	Rigetti Computing, Inc. (a)		96
	241	Rimini Street, Inc. (a)		1,031
	505	Riot Platforms, Inc. (a)		3,156
	101	Rogers Corporation (a)		14,867
	1,529	Sabre Corporation (a)		7,737
	342	Sanmina Corporation (a)		20,677
	166	Sapiens International Corporation NV		3,423
	127	ScanSource, Inc. (a)		3,960
	52	SecureWorks Corporation - Class A (a)		394
	329	Semtech Corporation (a)		10,137
	39	ShotSpotter, Inc. (a)		1,330
	202	Silicon Laboratories, Inc. (a)		36,064
	78	SiTime Corporation (a)		9,684
	39	SkyWater Technology, Inc. (a)		512
	176	SMART Global Holdings, Inc. (a)		2,939
	550	SmartRent, Inc. (a)		1,425
	235	SolarWinds Corporation (a)		2,002
	228	Sprout Social, Inc. - Class A (a)		13,903
	189	SPS Commerce, Inc. (a)		28,472
	144	Squarespace, Inc. - Class A (a)		3,371
	1,309	StoneCo, Ltd. - Class A (a)		11,140
	440	Sumo Logic, Inc. (a)		5,223
	228	Super Micro Computer, Inc. (a)		22,337
	202	Synaptics, Inc. (a)		23,757
	215	Telos Corporation (a)		832
	479	Tenable Holdings, Inc. (a)		21,186
	90	Terawulf, Inc. (a)		58
	99	Transphorm, Inc. (a)		374
	88	TTEC Holdings, Inc.		3,543
	554	TTM Technologies, Inc. (a)		7,363
	52	Tucows, Inc. - Class A (a)		1,202
	83	Turtle Beach Corporation (a)		671
	228	Ultra Clean Holdings, Inc. (a)		7,264
	342	Unisys Corporation (a)		1,703
	153	Upland Software, Inc. (a)		886
	541	Varonis Systems, Inc. (a)		14,650
	264	Veeco Instruments, Inc. (a)		5,615
	329	Verint Systems, Inc. (a)		12,298
	140	Veritone, Inc. (a)		993
	805	Verra Mobility Corporation (a)		13,870
	67	Viant Technology, Inc. - Class A (a)		263
	1,271	Viavi Solutions, Inc. (a)		13,905
	704	Vishay Intertechnology, Inc.		14,946
	65	Vishay Precision Group, Inc. (a)		2,834
	26	Weave Communications, Inc. (a)		134
	329	WM Technology, Inc. (a)		364
	215	Workiva, Inc. (a)		19,178
	589	Xerox Holdings Corporation		9,713
	216	Xperi, Inc. (a)		2,525
	593	Yext, Inc. (a)		4,353

The accompanying notes are an integral part of these financial statements.

29

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Information Technology — 12.0% (Continued)
	146	Zeta Global Holdings Corporation - Class A (a)	$	1,549
	580	Zuora, Inc. - Class A (a)		4,913
				1,600,517
		Materials — 4.5%
	156	5E Advanced Materials, Inc. (a)		1,055
	148	AdvanSix, Inc.		6,090
	99	Alpha Metallurgical Resources, Inc.		16,606
	160	American Vanguard Corporation		3,339
	946	Amyris, Inc. (a)		1,183
	583	Arconic Corporation (a)		15,415
	115	Aspen Aerogels, Inc. (a)		1,248
	688	ATI, Inc. (a)		27,967
	498	Avient Corporation		21,728
	178	Balchem Corporation		23,140
	311	Cabot Corporation		24,735
	270	Carpenter Technology Corporation		13,049
	260	Century Aluminum Company (a)		3,138
	42	Chase Corporation		4,113
	103	Clearwater Paper Corporation (a)		3,975
	1,361	Coeur Mining, Inc. (a)		4,246
	683	Commercial Metals Company		35,345
	191	Compass Minerals International, Inc.		7,359
	672	Constellium SE (a)		10,745
	94	Cryptyde, Inc. (a)		16
	236	Dakota Gold Corporation (a)		663
	506	Danimer Scientific, Inc. (a)		1,305
	410	Diversey Holdings, Ltd. (a)		2,423
	284	Ecovyst, Inc. (a)		2,851
	145	FutureFuel Corporation		1,269
	242	Glatfelter Corporation		929
	145	Greif, Inc. - Class A		10,302
	34	Greif, Inc. - Class B		2,798
	105	Hawkins, Inc.		4,270
	67	Haynes International, Inc.		3,666
	285	HB Fuller Company		19,882
	2,816	Hecla Mining Company		14,502
	852	Hycroft Mining Holding Corporation (a)		331
	215	Ingevity Corporation (a)		17,750
	140	Innospec, Inc.		15,324
	55	Intrepid Potash, Inc. (a)		1,742
	82	Ivanhoe Electric, Inc. (a)		1,232
	86	Kaiser Aluminum Corporation		6,822
	111	Koppers Holdings, Inc.		3,984
	122	Kronos Worldwide, Inc.		1,377
	880	Livent Corporation (a)		20,636
	170	LSB Industries, Inc. (a)		2,310
	101	Materion Corporation		11,280
	285	Mativ Holdings, Inc.		7,384
	176	Minerals Technologies, Inc.		10,692
	189	Myers Industries, Inc.		4,884
	1,271	Novagold Resources, Inc. (a)		7,105
	870	O-I Glass, Inc. (a)		19,331
	39	Olympic Steel, Inc.		2,048
	501	Origin Materials, Inc. (a)		2,405
	316	Orion Engineered Carbons SA		8,058
	241	Pactiv Evergreen, Inc.		2,605
	633	Perimeter Solutions SA (a)		5,418
	88	Piedmont Lithium, Inc. (a)		5,711
	166	PolyMet Mining Corporation (a)		415
	264	PureCycle Technologies, Inc. (a)		1,684
	78	Quaker Chemical Corporation		15,271
	122	Ramaco Resources, Inc.		1,214
	202	Ranpak Holdings Corporation (a)		1,273
	303	Rayonier Advanced Materials, Inc. (a)		2,485
	174	Resolute Forest Products, Inc. (a)		3,814
	88	Ryerson Holding Corporation		3,162
	140	Schnitzer Steel Industries, Inc. - Class A		4,577
	228	Sensient Technologies Corporation		17,189
	114	Stepan Company		11,866
	639	Summit Materials, Inc. - Class A (a)		18,876
	430	SunCoke Energy, Inc.		4,089
	187	Sylvamo Corporation		9,225
	241	TimkenSteel Corporation (a)		4,408
	140	Tredegar Corporation		1,627
	228	TriMas Corporation		6,838
	202	Trinseo plc		4,682
	593	Tronox Holdings plc		9,251
	52	United States Lime & Minerals, Inc.		8,388
	127	Valhi, Inc.		3,009
	269	Warrior Met Coal, Inc.		10,295
	176	Worthington Industries, Inc.		10,637
				602,056

The accompanying notes are an integral part of these financial statements.

30

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Real Estate — 5.7%
	462	Acadia Realty Trust	$	6,731
	374	Agree Realty Corporation		26,472
	391	Alexander & Baldwin, Inc.		7,300
	11	Alexander’s, Inc.		2,408
	273	American Assets Trust, Inc.		6,888
	9	American Realty Investors, Inc. (a)		213
	606	Anywhere Real Estate, Inc. (a)		3,509
	821	Apartment Investment and Management Company - Class A		6,158
	1,134	Apple Hospitality REIT, Inc.		18,722
	321	Armada Hoffler Properties, Inc.		4,115
	86	Ashford Hospitality Trust, Inc. (a)		426
	18	Bluerock Homes Trust, Inc. (a)		387
	295	Braemar Hotels & Resorts, Inc.		1,375
	933	Brandywine Realty Trust		5,495
	869	Broadstone Net Lease, Inc.		15,425
	55	BRT Apartments Corporation		1,164
	532	CareTrust REIT, Inc.		10,464
	132	CBL & Associates Properties, Inc.		3,373
	77	Centerspace		4,821
	255	Chatham Lodging Trust		3,114
	230	City Office REIT, Inc.		1,946
	66	Clipper Realty, Inc.		439
	132	Community Healthcare Trust, Inc.		5,114
	1,211	Compass, Inc. - Class A (a)		4,372
	606	Corporate Office Properties Trust		15,411
	92	CTO Realty Growth, Inc.		1,617
	749	Cushman & Wakefield plc (a)		9,692
	1,082	DiamondRock Hospitality Company		9,435
	658	DigitalBridge Group, Inc.		8,074
	1,265	Diversified Healthcare Trust		1,240
	649	Doma Holdings, Inc. (a)		370
	391	Douglas Elliman, Inc.		1,650
	480	Easterly Government Properties, Inc.		7,248
	453	Elme Communities		8,430
	790	Empire State Realty Trust, Inc. - Class A		5,759
	643	Equity Commonwealth		13,651
	658	Essential Properties Realty Trust, Inc.		16,950
	342	eXp World Holdings, Inc.		4,131
	156	Farmland Partners, Inc.		1,672
	95	Forestar Group, Inc. (a)		1,356
	421	Four Corners Property Trust, Inc.		11,430
	538	Franklin Street Properties Corporation		1,302
	39	FRP Holdings, Inc. (a)		2,131
	220	Getty Realty Corporation		7,553
	203	Gladstone Commercial Corporation		2,777
	166	Gladstone Land Corporation		2,922
	323	Global Medical REIT, Inc.		3,249
	573	Global Net Lease, Inc.		8,091
	166	Hersha Hospitality Trust - Class A		1,388
	611	Independence Realty Trust, Inc.		11,053
	31	Indus Realty Trust, Inc.		2,062
	352	Industrial Logistics Properties Trust		1,443
	131	Innovative Industrial Properties, Inc.		11,582
	339	InvenTrust Properties Corporation		8,200
	352	iStar, Inc.		2,710
	638	Kennedy-Wilson Holdings, Inc.		10,660
	1,160	Kite Realty Group Trust		25,195
	202	LTC Properties, Inc.		7,236
	1,496	LXP Industrial Trust		15,603
	1,209	Macerich Company		14,448
	127	Marcus & Millichap, Inc.		4,365
	228	National Health Investors, Inc.		12,540
	626	Necessity Retail REIT, Inc.		4,294
	215	NETSTREIT Corporation		4,341
	782	Newmark Group, Inc. - Class A		6,272
	114	NexPoint Residential Trust, Inc.		5,521
	312	Offerpad Solutions, Inc. (a)		177
	254	Office Properties Income Trust		4,176
	78	One Liberty Properties, Inc.		1,767
	303	Orion Office REIT, Inc.		2,594
	769	Outfront Media, Inc.		13,419
	981	Paramount Group, Inc.		5,170
	681	Pebblebrook Hotel Trust		9,718
	101	Phillips Edison & Company, Inc.		3,443
	1,210	Physicians Realty Trust		17,944
	655	Piedmont Office Realty Trust, Inc. - Class A		5,993
	166	Plymouth Industrial REIT, Inc.		3,591
	65	Postal Realty Trust, Inc. - Class A		951
	402	PotlatchDeltic Corporation		18,556

The accompanying notes are an integral part of these financial statements.

31

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 94.6% (Continued)
		Real Estate — 5.7% (Continued)
	88	RE/MAX Holdings, Inc. - Class A	$	1,627
	541	Redfin Corporation (a)		4,009
	629	Retail Opportunity Investments Corporation		8,951
	857	RLJ Lodging Trust		9,718
	78	RMR Group, Inc. - Class A		2,195
	453	RPT Realty		4,856
	264	Ryman Hospitality Properties, Inc.		24,491
	1,209	Sabra Health Care REIT, Inc.		14,399
	127	Safehold, Inc.		3,795
	66	Saul Centers, Inc.		2,595
	906	Service Properties Trust		9,948
	968	SITE Centers Corporation		12,942
	178	St Joe Company		7,624
	958	STAG Industrial, Inc.		32,228
	33	Stratus Properties, Inc.		703
	543	Summit Hotel Properties, Inc.		4,018
	1,144	Sunstone Hotel Investors, Inc.		12,092
	567	Tanger Factory Outlet Centers, Inc.		10,711
	101	Tejon Ranch Company (a)		1,940
	391	Terreno Realty Corporation		24,324
	8	Transcontinental Realty Investors, Inc. (a)		349
	228	UMH Properties, Inc.		3,878
	1,069	Uniti Group, Inc.		5,869
	65	Universal Health Realty Income Trust		3,446
	616	Urban Edge Properties		9,486
	153	Urstadt Biddle Properties, Inc. - Class A		2,647
	453	Veris Residential, Inc. (a)		7,311
	241	Whitestone REIT		2,277
	606	Xenia Hotels & Resorts, Inc.		8,508
				759,921
		Utilities — 3.0%
	286	ALLETE, Inc.		17,500
	194	Altus Power, Inc. (a)		1,313
	205	American States Water Company		18,306
	44	Artesian Resources Corporation - Class A		2,479
	396	Avista Corporation		16,284
	352	Black Hills Corporation		21,616
	513	Brookfield Infrastructure Corporation - Class A		22,167
	286	California Water Service Group		16,370
	95	Chesapeake Utilities Corporation		12,169
	194	Clearway Energy, Inc. - Class A		5,764
	453	Clearway Energy, Inc. - Class C		14,229
	71	Global Water Resources, Inc.		937
	189	MGE Energy, Inc.		13,377
	88	Middlesex Water Company		6,732
	301	Montauk Renewables, Inc. (a)		2,968
	518	New Jersey Resources Corporation		26,433
	153	Northwest Natural Holding Company		7,396
	277	NorthWestern Corporation		16,005
	277	ONE Gas, Inc.		22,204
	241	Ormat Technologies, Inc.		20,370
	215	Otter Tail Corporation		15,241
	466	PNM Resources, Inc.		22,834
	479	Portland General Electric Company		22,897
	101	Pure Cycle Corporation (a)		892
	140	SJW Group		10,702
	329	Southwest Gas Holdings, Inc.		20,730
	277	Spire, Inc.		19,501
	466	Sunnova Energy International, Inc. (a)		8,285
	78	Unitil Corporation		4,237
	65	Via Renewables, Inc.		381
	65	York Water Company		2,825
				393,144
		TOTAL COMMON STOCKS (Cost $14,089,347)		12,562,726
		CONTINGENT VALUE RIGHTS — 0.0%
		Health Care — 0.0%
	84	CinCor Pharma, Inc. Contingent Value Right (a)(b)(c)		0
	29	OmniAb, Inc. - $12.50 VWAP Vesting Shares (a)(b)(c)		0
	29	OmniAb, Inc. - $15.00 VWAP Vesting Shares (a)(b)(c)		0
	580	Radius Health, Inc. Contingent Value Right (a)(b)(c)		0
				0
		TOTAL CONTINGENT VALUE RIGHTS (Cost $0)		0

The accompanying notes are an integral part of these financial statements.

32

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Contracts		Security Description	Notional Amount		Value
		PURCHASED OPTIONS (d) — 1.2%
	65	Russell 2000 Index Put, Expiration: 03/17/2023, Exercise Price: $1,865.00	$	12,330,435	$	157,300
		TOTAL PURCHASED OPTIONS (Cost $134,107)				157,300
Shares
		SHORT-TERM INVESTMENTS — 4.5%
		Money Market Funds — 4.5%
	602,034	Invesco Government & Agency Portfolio - Institutional Class, 4.51% (e)				602,034
	1	Northern Funds U.S. Government Money Market Fund, 3.64% (e)				1
		TOTAL SHORT-TERM INVESTMENTS (Cost $602,035)				602,035
		Total Investments (Cost $14,825,489) — 100.3%				13,322,061
		Liabilities in Excess of Other Assets — (0.3)%				(34,890	)
		NET ASSETS — 100.0%			$	13,287,171

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(c) This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $0 which represents 0.00% of net assets.

(d) Exchange traded.

(e) Rate shown is the annualized seven-day yield as of February 28, 2023.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

33

Schedules of Written Options

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF (Continued)

Contracts			Security Description	Notional Amount			Value
			WRITTEN OPTIONS (a) — (0.3)%
	(65	)	Russell 2000 Index Call, Expiration: 03/17/2023, Exercise Price: $1,980.00	$	(12,330,435	)	$	(45,500	)
			TOTAL WRITTEN OPTIONS (Premiums Received $200,214)				$	(45,500	)

Percentages are stated as a percent of net assets.

(a) Exchange traded.

The accompanying notes are an integral part of these financial statements.

34

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF

Shares		Security Description	Value
		COMMON STOCKS — 95.8%
		Communication Services — 7.2%
	401	Activision Blizzard, Inc.	$	30,576
	3,393	Alphabet, Inc. - Class A (a)		305,575
	3,003	Alphabet, Inc. - Class C (a)		271,171
	4,096	AT&T, Inc.		77,455
	77	Charter Communications, Inc. - Class A (a)		28,306
	2,497	Comcast Corporation - Class A		92,814
	153	DISH Network Corporation - Class A (a)		1,746
	153	Electronic Arts, Inc.		16,974
	172	Fox Corporation - Class A		6,023
	80	Fox Corporation - Class B		2,580
	220	Interpublic Group of Companies, Inc.		7,819
	86	Live Nation Entertainment, Inc. (a)		6,197
	544	Lumen Technologies, Inc. (a)		1,850
	165	Match Group, Inc. (a)		6,834
	1,181	Meta Platforms, Inc. - Class A (a)		206,604
	268	Netflix, Inc. (a)		86,331
	219	News Corporation - Class A		3,756
	70	News Corporation - Class B		1,208
	116	Omnicom Group, Inc.		10,506
	320	Paramount Global - Class B		6,854
	93	Take-Two Interactive Software, Inc. (a)		10,188
	330	T-Mobile US, Inc. (a)		46,919
	2,358	Verizon Communications, Inc.		91,514
	1,063	Walt Disney Company (a)		105,885
	1,393	Warner Bros. Discovery, Inc. (a)		21,759
				1,447,444
		Consumer Discretionary — 10.4%
	40	Advance Auto Parts, Inc.		5,798
	5,055	Amazon.com, Inc. (a)		476,333
	153	Aptiv plc (a)		17,790
	16	AutoZone, Inc. (a)		39,785
	134	Bath & Body Works, Inc.		5,477
	115	Best Buy Company, Inc.		9,558
	25	Booking Holdings, Inc. (a)		63,100
	134	BorgWarner, Inc.		6,738
	131	Caesars Entertainment, Inc. (a)		6,650
	97	CarMax, Inc. (a)		6,697
	592	Carnival Corporation (a)		6,287
	20	Chipotle Mexican Grill, Inc. (a)		29,822
	172	D.R. Horton, Inc.		15,906
	75	Darden Restaurants, Inc.		10,724
	125	Dollar General Corporation		27,038
	117	Dollar Tree, Inc. (a)		16,998
	20	Domino’s Pizza, Inc.		5,880
	322	eBay, Inc.		14,780
	77	Etsy, Inc. (a)		9,349
	96	Expedia Group, Inc. (a)		10,461
	2,387	Ford Motor Company		28,811
	94	Garmin, Ltd.		9,224
	827	General Motors Company		32,038
	81	Genuine Parts Company		14,326
	78	Hasbro, Inc.		4,291
	160	Hilton Worldwide Holdings, Inc.		23,122
	573	Home Depot, Inc.		169,917
	186	Las Vegas Sands Corporation (a)		10,689
	136	Lennar Corporation - Class A		13,157
	146	LKQ Corporation		8,364
	344	Lowe’s Companies, Inc.		70,778
	159	Marriott International, Inc. - Class A		26,909
	420	McDonald’s Corporation		110,842
	185	MGM Resorts International		7,957
	36	Mohawk Industries, Inc. (a)		3,703
	217	Newell Brands, Inc.		3,188
	735	NIKE, Inc. - Class B		87,310
	250	Norwegian Cruise Line Holdings, Ltd. (a)		3,705
	2	NVR, Inc. (a)		10,347
	40	O’Reilly Automotive, Inc. (a)		33,204
	24	Pool Corporation		8,565
	124	PulteGroup, Inc.		6,779
	26	Ralph Lauren Corporation		3,073
	197	Ross Stores, Inc.		21,776
	134	Royal Caribbean Cruises, Ltd. (a)		9,466
	657	Starbucks Corporation		67,073
	137	Tapestry, Inc.		5,961
	263	Target Corporation		44,315
	1,637	Tesla, Inc. (a)		336,747
	648	TJX Companies, Inc.		49,637
	64	Tractor Supply Company		14,929
	34	Ulta Beauty, Inc. (a)		17,639
	195	V.F. Corporation		4,840
	37	Whirlpool Corporation		5,105
	58	Wynn Resorts, Ltd. (a)		6,285
	157	Yum! Brands, Inc.		19,964
				2,079,207
		Consumer Staples — 6.3%
	994	Altria Group, Inc.		46,151
	305	Archer-Daniels-Midland Company		24,278

The accompanying notes are an integral part of these financial statements.

35

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Consumer Staples — 6.3% (Continued)
	109	Brown-Forman Corporation - Class B	$	7,071
	115	Campbell Soup Company		6,040
	137	Church & Dwight Company, Inc.		11,478
	76	Clorox Company		11,813
	2,174	Coca-Cola Company		129,375
	465	Colgate-Palmolive Company		34,085
	267	Conagra Brands, Inc.		9,721
	96	Constellation Brands, Inc. - Class A		21,475
	260	Costco Wholesale Corporation		125,887
	135	Estee Lauder Companies, Inc. - Class A		32,812
	328	General Mills, Inc.		26,080
	84	Hershey Company		20,019
	168	Hormel Foods Corporation		7,456
	60	J.M. Smucker Company		8,873
	151	Kellogg Company		9,957
	497	Keurig Dr Pepper, Inc.		17,171
	192	Kimberly-Clark Corporation		24,010
	442	Kraft Heinz Company		17,211
	382	Kroger Company		16,479
	80	Lamb Weston Holdings, Inc.		8,051
	145	McCormick & Company, Inc.		10,776
	112	Molson Coors Beverage Company - Class B		5,957
	766	Mondelez International, Inc. - Class A		49,929
	211	Monster Beverage Corporation (a)		21,471
	776	PepsiCo, Inc.		134,660
	871	Philip Morris International, Inc.		84,749
	1,321	Procter & Gamble Company		181,716
	299	Sysco Corporation		22,296
	171	Tyson Foods, Inc. - Class A		10,130
	420	Walgreens Boots Alliance, Inc.		14,923
	800	Walmart, Inc.		113,704
				1,265,804
		Energy — 4.4%
	180	APA Corporation		6,908
	546	Baker Hughes Company		16,708
	980	Chevron Corporation		157,555
	694	ConocoPhillips		71,725
	439	Coterra Energy, Inc.		10,962
	366	Devon Energy Corporation		19,735
	98	Diamondback Energy, Inc.		13,777
	324	EOG Resources, Inc.		36,618
	205	EQT Corporation		6,802
	2,284	Exxon Mobil Corporation		251,033
	478	Halliburton Company		17,318
	155	Hess Corporation		20,879
	1,101	Kinder Morgan, Inc.		18,783
	350	Marathon Oil Corporation		8,803
	266	Marathon Petroleum Corporation		32,878
	416	Occidental Petroleum Corporation		24,361
	254	ONEOK, Inc.		16,624
	267	Phillips 66		27,384
	134	Pioneer Natural Resources Company		26,855
	780	Schlumberger, Ltd.		41,503
	130	Targa Resources Corporation		9,633
	217	Valero Energy Corporation		28,585
	688	Williams Companies, Inc.		20,709
				886,138
		Financials — 11.3%
	324	Aflac, Inc.		22,081
	147	Allstate Corporation		18,931
	359	American Express Company		62,462
	420	American International Group, Inc.		25,666
	63	Ameriprise Financial, Inc.		21,601
	119	Aon plc - Class A		36,182
	204	Arch Capital Group, Ltd. (a)		14,280
	123	Arthur J. Gallagher & Company		23,044
	36	Assurant, Inc.		4,586
	3,973	Bank of America Corporation		136,274
	417	Bank of New York Mellon Corporation		21,217
	1,027	Berkshire Hathaway, Inc. - Class B (a)		313,420
	88	BlackRock, Inc.		60,670
	136	Brown & Brown, Inc.		7,626
	229	Capital One Financial Corporation		24,979
	60	Cboe Global Markets, Inc.		7,570
	866	Charles Schwab Corporation		67,479
	237	Chubb, Ltd.		50,012
	96	Cincinnati Financial Corporation		11,587
	1,105	Citigroup, Inc.		56,012
	288	Citizens Financial Group, Inc.		12,027
	210	CME Group, Inc.		38,926
	77	Comerica, Inc.		5,398
	167	Discover Financial Services		18,704
	24	Everest Re Group, Ltd.		9,215

The accompanying notes are an integral part of these financial statements.

36

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Financials — 11.3% (Continued)
	23	FactSet Research Systems, Inc.	$	9,535
	400	Fifth Third Bancorp		14,520
	101	First Republic Bank/CA		12,424
	169	Franklin Resources, Inc.		4,980
	56	Globe Life, Inc.		6,815
	197	Goldman Sachs Group, Inc.		69,275
	180	Hartford Financial Services Group, Inc.		14,090
	859	Huntington Bancshares, Inc.		13,160
	325	Intercontinental Exchange, Inc.		33,085
	261	Invesco, Ltd.		4,609
	1,675	JPMorgan Chase & Company		240,111
	548	KeyCorporation		10,023
	96	Lincoln National Corporation		3,045
	116	Loews Corporation		7,086
	105	M&T Bank Corporation		16,305
	22	MarketAxess Holdings, Inc.		7,512
	286	Marsh & McLennan Companies, Inc.		46,372
	377	MetLife, Inc.		27,042
	96	Moody’s Corporation		27,854
	762	Morgan Stanley		73,534
	50	MSCI, Inc.		26,108
	200	Nasdaq, Inc.		11,212
	120	Northern Trust Corporation		11,432
	235	PNC Financial Services Group, Inc.		37,111
	134	Principal Financial Group, Inc.		12,001
	331	Progressive Corporation		47,505
	214	Prudential Financial, Inc.		21,400
	115	Raymond James Financial, Inc.		12,473
	562	Regions Financial Corporation		13,106
	192	S&P Global, Inc.		65,510
	39	Signature Bank		4,487
	211	State Street Corporation		18,711
	40	SVB Financial Group (a)		11,524
	267	Synchrony Financial		9,535
	136	T Rowe Price Group, Inc.		15,270
	134	Travelers Companies, Inc.		24,806
	780	Truist Financial Corporation		36,621
	768	U.S. Bancorp		36,657
	117	W.R. Berkley Corporation		7,744
	2,180	Wells Fargo & Company		101,959
	63	Willis Towers Watson plc		14,765
	90	Zions Bancorporation		4,556
				2,255,819
		Health Care — 13.7%
	980	Abbott Laboratories		99,687
	991	AbbVie, Inc.		152,515
	172	Agilent Technologies, Inc.		24,419
	40	Align Technology, Inc. (a)		12,380
	96	AmerisourceBergen Corporation		14,934
	306	Amgen, Inc.		70,888
	295	Baxter International, Inc.		11,785
	162	Becton Dickinson and Company		37,997
	83	Biogen, Inc. (a)		22,398
	18	Bio-Rad Laboratories, Inc. - Class A (a)		8,601
	91	Bio-Techne Corporation		6,610
	809	Boston Scientific Corporation (a)		37,796
	1,252	Bristol-Myers Squibb Company		86,338
	150	Cardinal Health, Inc.		11,357
	104	Catalent, Inc. (a)		7,095
	336	Centene Corporation (a)		22,982
	29	Charles River Laboratories International, Inc. (a)		6,361
	174	Cigna Corporation		50,825
	30	Cooper Companies, Inc.		9,809
	783	CVS Health Corporation		65,412
	379	Danaher Corporation		93,814
	37	DaVita, Inc. (a)		3,044
	120	DENTSPLY SIRONA, Inc.		4,568
	219	DexCom, Inc. (a)		24,311
	352	Edwards Lifesciences Corporation (a)		28,315
	142	Elevance Health, Inc.		66,693
	443	Eli Lilly & Company		137,870
	217	GE HealthCare Technologies, Inc. (a)		16,492
	706	Gilead Sciences, Inc.		56,854
	120	HCA Healthcare, Inc.		29,214
	77	Henry Schein, Inc. (a)		6,030
	141	Hologic, Inc. (a)		11,229
	78	Humana, Inc.		38,612
	51	IDEXX Laboratories, Inc. (a)		24,135
	96	Illumina, Inc. (a)		19,123
	105	Incyte Corporation (a)		8,083
	206	Intuitive Surgical, Inc. (a)		47,254
	111	IQVIA Holdings, Inc. (a)		23,140
	1,448	Johnson & Johnson		221,920
	54	Laboratory Corporation of America Holdings		12,925
	81	McKesson Corporation		28,335
	763	Medtronic plc		63,176

The accompanying notes are an integral part of these financial statements.

37

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Health Care — 13.7% (Continued)
	1,392	Merck & Company, Inc.	$	147,886
	19	Mettler-Toledo International, Inc. (a)		27,240
	157	Moderna, Inc. (a)		21,793
	39	Molina Healthcare, Inc. (a)		10,738
	142	Organon & Company		3,478
	77	PerkinElmer, Inc.		9,592
	3,089	Pfizer, Inc.		125,321
	65	Quest Diagnostics, Inc.		8,993
	61	Regeneron Pharmaceuticals, Inc. (a)		46,386
	89	ResMed, Inc.		18,957
	59	STERIS plc		11,094
	194	Stryker Corporation		50,999
	29	Teleflex, Inc.		6,909
	230	Thermo Fisher Scientific, Inc.		124,606
	537	UnitedHealth Group, Inc.		255,579
	39	Universal Health Services, Inc. - Class B		5,209
	150	Vertex Pharmaceuticals, Inc. (a)		43,544
	681	Viatris, Inc.		7,763
	39	Waters Corporation (a)		12,125
	45	West Pharmaceutical Services, Inc.		14,266
	117	Zimmer Biomet Holdings, Inc.		14,493
	271	Zoetis, Inc.		45,257
				2,737,554
		Industrials — 8.2%
	322	3M Company		34,692
	77	A.O. Smith Corporation		5,054
	78	Alaska Air Group, Inc. (a)		3,731
	57	Allegion plc		6,424
	401	American Airlines Group, Inc. (a)		6,408
	135	AMETEK, Inc.		19,111
	314	Boeing Company (a)		63,287
	70	C.H. Robinson Worldwide, Inc.		6,997
	478	Carrier Global Corporation		21,524
	286	Caterpillar, Inc.		68,512
	54	Cintas Corporation		23,677
	253	Copart, Inc. (a)		17,826
	238	CoStar Group, Inc. (a)		16,818
	1,180	CSX Corporation		35,978
	81	Cummins, Inc.		19,689
	154	Deere & Company		64,564
	375	Delta Air Lines, Inc. (a)		14,377
	84	Dover Corporation		12,592
	229	Eaton Corporation plc		40,059
	331	Emerson Electric Company		27,377
	75	Equifax, Inc.		15,190
	96	Expeditors International of Washington, Inc.		10,038
	343	Fastenal Company		17,685
	137	FedEx Corporation		27,841
	209	Fortive Corporation		13,932
	40	Generac Holdings, Inc. (a)		4,800
	130	General Dynamics Corporation		29,628
	649	General Electric Company		54,977
	382	Honeywell International, Inc.		73,145
	211	Howmet Aerospace, Inc.		8,900
	24	Huntington Ingalls Industries, Inc.		5,165
	46	IDEX Corporation		10,349
	162	Illinois Tool Works, Inc.		37,773
	233	Ingersoll Rand, Inc.		13,530
	77	Jacobs Solutions, Inc.		9,202
	51	JB Hunt Transport Services, Inc.		9,220
	395	Johnson Controls International plc		24,774
	112	L3Harris Technologies, Inc.		23,653
	78	Leidos Holdings, Inc.		7,571
	135	Lockheed Martin Corporation		64,025
	134	Masco Corporation		7,026
	35	Nordson Corporation		7,687
	134	Norfolk Southern Corporation		30,126
	82	Northrop Grumman Corporation		38,057
	56	Old Dominion Freight Line, Inc.		18,999
	238	Otis Worldwide Corporation		20,140
	305	PACCAR, Inc.		22,021
	77	Parker-Hannifin Corporation		27,092
	96	Pentair plc		5,370
	85	Quanta Services, Inc.		13,719
	820	Raytheon Technologies Corporation		80,433
	118	Republic Services, Inc.		15,214
	62	Robert Half International, Inc.		4,998
	70	Rockwell Automation, Inc.		20,645
	135	Rollins, Inc.		4,752
	36	Snap-on, Inc.		8,952
	344	Southwest Airlines Company		11,551
	89	Stanley Black & Decker, Inc.		7,619
	120	Textron, Inc.		8,704
	135	Trane Technologies plc		24,971
	34	TransDigm Group, Inc.		25,292
	349	Union Pacific Corporation		72,341
	210	United Airlines Holdings, Inc. (a)		10,912
	412	United Parcel Service, Inc. - Class B		75,186

The accompanying notes are an integral part of these financial statements.

38

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Industrials — 8.2% (Continued)
	40	United Rentals, Inc.	$	18,741
	95	Verisk Analytics, Inc.		16,255
	30	W.W. Grainger, Inc.		20,053
	211	Waste Management, Inc.		31,600
	108	Westinghouse Air Brake Technologies Corporation		11,268
	105	Xylem, Inc.		10,778
				1,640,597
		Information Technology — 26.3% (b)
	382	Accenture plc - Class A		101,440
	257	Adobe, Inc. (a)		83,255
	956	Advanced Micro Devices, Inc. (a)		75,122
	96	Akamai Technologies, Inc. (a)		6,970
	342	Amphenol Corporation - Class A		26,511
	294	Analog Devices, Inc.		53,940
	53	ANSYS, Inc. (a)		16,091
	8,809	Apple, Inc.		1,298,535
	497	Applied Materials, Inc.		57,727
	147	Arista Networks, Inc. (a)		20,389
	127	Autodesk, Inc. (a)		25,234
	249	Automatic Data Processing, Inc.		54,735
	228	Broadcom, Inc.		135,498
	77	Broadridge Financial Solutions, Inc.		10,840
	154	Cadence Design Systems, Inc. (a)		29,713
	79	CDW Corporation		15,991
	94	Ceridian HCM Holding, Inc. (a)		6,855
	2,324	Cisco Systems, Inc.		112,528
	305	Cognizant Technology Solutions Corporation - Class A		19,102
	439	Corning, Inc.		14,904
	134	DXC Technology Company (a)		3,717
	80	Enphase Energy, Inc. (a)		16,842
	39	EPAM Systems, Inc. (a)		11,998
	39	F5, Inc. (a)		5,576
	338	Fidelity National Information Services, Inc.		21,419
	58	First Solar, Inc. (a)		9,810
	364	Fiserv, Inc. (a)		41,893
	44	FleetCor Technologies, Inc. (a)		9,451
	369	Fortinet, Inc. (a)		21,933
	48	Gartner, Inc. (a)		15,735
	344	Gen Digital, Inc.		6,711
	158	Global Payments, Inc.		17,728
	743	Hewlett Packard Enterprise Company		11,598
	533	HP, Inc.		15,734
	2,440	Intel Corporation		60,829
	533	International Business Machines Corporation		68,917
	171	Intuit, Inc.		69,628
	42	Jack Henry & Associates, Inc.		6,898
	191	Juniper Networks, Inc.		5,879
	106	Keysight Technologies, Inc. (a)		16,956
	83	KLA Corporation		31,489
	80	Lam Research Corporation		38,881
	483	Mastercard, Inc. - Class A		171,605
	325	Microchip Technology, Inc.		26,335
	637	Micron Technology, Inc.		36,831
	4,210	Microsoft Corporation		1,050,059
	29	Monolithic Power Systems, Inc.		14,044
	100	Motorola Solutions, Inc.		26,281
	135	NetApp, Inc.		8,714
	1,442	NVIDIA Corporation		334,775
	153	NXP Semiconductors NV		27,307
	261	ON Semiconductor Corporation (a)		20,204
	858	Oracle Corporation		74,989
	192	Paychex, Inc.		21,197
	32	Paycom Software, Inc. (a)		9,250
	670	PayPal Holdings, Inc. (a)		49,312
	60	PTC, Inc. (a)		7,520
	60	Qorvo, Inc. (a)		6,053
	650	QUALCOMM, Inc.		80,295
	62	Roper Technologies, Inc.		26,672
	573	Salesforce, Inc. (a)		93,749
	116	Seagate Technology Holdings plc		7,489
	116	ServiceNow, Inc. (a)		50,132
	96	Skyworks Solutions, Inc.		10,711
	35	SolarEdge Technologies, Inc. (a)		11,127
	89	Synopsys, Inc. (a)		32,375
	191	TE Connectivity, Ltd.		24,318
	31	Teledyne Technologies, Inc. (a)		13,332
	97	Teradyne, Inc.		9,811
	526	Texas Instruments, Inc.		90,183
	163	Trimble, Inc. (a)		8,486
	25	Tyler Technologies, Inc. (a)		8,031
	56	VeriSign, Inc. (a)		11,022
	934	Visa, Inc. - Class A		205,424
	200	Western Digital Corporation (a)		7,696
	34	Zebra Technologies Corporation - Class A (a)		10,209
				5,260,540

The accompanying notes are an integral part of these financial statements.

39

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Materials — 2.7%
	126	Air Products and Chemicals, Inc.	$	36,033
	75	Albemarle Corporation		19,073
	847	Amcor plc		9,436
	47	Avery Dennison Corporation		8,563
	182	Ball Corporation		10,231
	58	Celanese Corporation		6,741
	116	CF Industries Holdings, Inc.		9,963
	412	Corteva, Inc.		25,663
	401	Dow, Inc.		22,937
	286	DuPont de Nemours, Inc.		20,887
	75	Eastman Chemical Company		6,390
	146	Ecolab, Inc.		23,268
	76	FMC Corporation		9,815
	794	Freeport-McMoRan, Inc.		32,530
	147	International Flavors & Fragrances, Inc.		13,700
	206	International Paper Company		7,496
	281	Linde plc		97,893
	148	LyondellBasell Industries NV - Class A		14,207
	40	Martin Marietta Materials, Inc.		14,395
	197	Mosaic Company		10,478
	439	Newmont Corporation		19,145
	157	Nucor Corporation		26,288
	59	Packaging Corporation of America		8,066
	137	PPG Industries, Inc.		18,092
	85	Sealed Air Corporation		4,133
	139	Sherwin-Williams Company		30,768
	97	Steel Dynamics, Inc.		12,233
	77	Vulcan Materials Company		13,930
	151	Westrock Company		4,741
				537,095
		Real Estate — 2.6%
	89	Alexandria Real Estate Equities, Inc.		13,330
	265	American Tower Corporation		52,473
	81	AvalonBay Communities, Inc.		13,974
	80	Boston Properties, Inc.		5,238
	62	Camden Property Trust		7,115
	177	CBRE Group, Inc. - Class A (a)		15,070
	249	Crown Castle, Inc.		32,557
	173	Digital Realty Trust, Inc.		18,032
	58	Equinix, Inc.		39,920
	198	Equity Residential		12,379
	40	Essex Property Trust, Inc.		9,122
	80	Extra Space Storage, Inc.		13,172
	45	Federal Realty Investment Trust		4,805
	305	Healthpeak Properties, Inc.		7,338
	420	Host Hotels & Resorts, Inc.		7,056
	329	Invitation Homes, Inc.		10,285
	173	Iron Mountain, Inc.		9,126
	357	Kimco Realty Corporation		7,358
	70	Mid-America Apartment Communities, Inc.		11,207
	534	Prologis, Inc.		65,895
	97	Public Storage		28,998
	358	Realty Income Corporation		22,894
	95	Regency Centers Corporation		5,976
	63	SBA Communications Corporation		16,339
	190	Simon Property Group, Inc.		23,197
	175	UDR, Inc.		7,497
	230	Ventas, Inc.		11,190
	546	VICI Properties, Inc.		18,307
	268	Welltower, Inc.		19,864
	420	Weyerhaeuser Company		13,125
				522,839
		Utilities — 2.7%
	381	AES Corporation		9,403
	146	Alliant Energy Corporation		7,485
	152	Ameren Corporation		12,572
	298	American Electric Power Company, Inc.		26,215
	107	American Water Works Company, Inc.		15,021
	81	Atmos Energy Corporation		9,138
	361	CenterPoint Energy, Inc.		10,043
	169	CMS Energy Corporation		9,966
	204	Consolidated Edison, Inc.		18,227
	191	Constellation Energy Corporation		14,304
	472	Dominion Energy, Inc.		26,253
	116	DTE Energy Company		12,726
	434	Duke Energy Corporation		40,909
	220	Edison International		14,566
	116	Entergy Corporation		11,933
	134	Evergy, Inc.		7,881
	200	Eversource Energy		15,072
	562	Exelon Corporation		22,699
	306	FirstEnergy Corporation		12,099
	1,125	NextEra Energy, Inc.		79,908
	232	NiSource, Inc.		6,364
	134	NRG Energy, Inc.		4,394
	886	PG&E Corporation (a)		13,839

The accompanying notes are an integral part of these financial statements.

40

Schedules of Investments (Continued)

February 28, 2023 (Unaudited)

Nationwide S&P 500^® Risk-Managed Income ETF (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.8% (Continued)
		Utilities — 2.7% (Continued)
	66	Pinnacle West Capital Corporation	$	4,863
	412	PPL Corporation		11,153
	285	Public Service Enterprise Group, Inc.		17,223
	184	Sempra Energy		27,592
	610	Southern Company		38,467
	182	WEC Energy Group, Inc.		16,136
	310	Xcel Energy, Inc.		20,017
				536,468
		TOTAL COMMON STOCKS (Cost $21,658,784)		19,169,505
		CONTINGENT VALUE RIGHTS — 0.0%
		Health Care — 0.0%
	36	ABIOMED, Inc. (a)(c)(d)		0
		TOTAL CONTINGENT VALUE RIGHTS (Cost $0)		0

Contracts			Notional Amount
		PURCHASED OPTIONS (e) — 1.0%
	48	S&P 500 Index Put, Expiration: 03/17/2023, Exercise Price: $3,915.00	$	19,056,720		211,920
		TOTAL PURCHASED OPTIONS (Cost $139,178)				211,920
Shares
		SHORT-TERM INVESTMENTS — 3.6%
		Money Market Funds — 3.6%
	721,866	Invesco Government & Agency Portfolio - Institutional Class, 4.51% (f)				721,866
		TOTAL SHORT-TERM INVESTMENTS (Cost $721,866)				721,866
		Total Investments (Cost $22,519,828) — 100.4%				20,103,291
		Liabilities in Excess of Other Assets — (0.4)%				(87,592	)
		NET ASSETS — 100.0%			$	20,015,699

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(c) Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d) This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $0 which represents 0.00% of net assets.

(e) Exchange traded.

(f) Rate shown is the annualized seven-day yield as of February 28, 2023.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.    

The accompanying notes are an integral part of these financial statements.

41

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	Nationwide Nasdaq-100® Risk-Managed Income ETF			Nationwide Dow Jones® Risk-Managed Income ETF			Nationwide Russell 2000® Risk-Managed Income ETF			Nationwide S&P 500® Risk-Managed Income ETF
ASSETS
Investments in securities, at value * (Note 2)	$	449,385,047		$	24,917,934		$	13,322,061		$	20,103,291
Dividends and interest receivable		422,961			66,654			14,794			35,360
Deposit at broker for options		11			—			—			—
Receivable for securities sold		—			—			4,192			921,799
Reclaims receivable		—			—			20			7
Total assets		449,808,019			24,984,588			13,341,067			21,060,457
LIABILITIES
Written options, at value (premiums received, $8,237,105, $0, $200,214, $0)		1,372,400			—			45,500			—
Management fees payable		241,141			13,055			6,991			11,616
Payable for securities purchased		—			35,180			—			32,052
Cash, due to custodian		—			—			1,405			—
Payable for capital shares redeemed		—			—			—			1,001,090
Total liabilities		1,613,541			48,235			53,896			1,044,758
NET ASSETS	$	448,194,478		$	24,936,353		$	13,287,171		$	20,015,699
Net Assets Consist of:
Paid-in capital	$	702,296,373		$	30,051,757			15,680,356		$	24,933,135
Total distributable earnings (accumulated deficit)		(254,101,895	)		(5,115,404	)		(2,393,185	)		(4,917,436	)
Net assets	$	448,194,478		$	24,936,353		$	13,287,171		$	20,015,699
Net Asset Value:
Net assets	$	448,194,478		$	24,936,353		$	13,287,171		$	20,015,699
Shares outstanding ^		23,600,000			1,250,000			650,000			1,000,000
Net asset value, offering and redemption price per share	$	18.99		$	19.95		$	20.44		$	20.02
* Identified cost:
Investments in securities	$	509,410,128		$	26,299,346		$	14,825,489		$	22,519,828

^    No par value, unlimited number of shares authorized.

The accompanying notes are an integral part of these financial statements.

42

Statements of Operations

For the Six-Months Ended February 28, 2023 (Unaudited)

	Nationwide Nasdaq-100® Risk-Managed Income ETF			Nationwide Dow Jones® Risk-Managed Income ETF			Nationwide Russell 2000® Risk-Managed Income ETF			Nationwide S&P 500® Risk-Managed Income ETF
INCOME
Dividends*	$	2,348,989		$	273,270		$	105,576		$	224,972
Interest		79,760			10,460			19,433			11,236
Total investment income		2,428,749			283,730			125,009			236,208
EXPENSES
Management fees		1,708,063			94,064			44,228			90,039
Total expenses		1,708,063			94,064			44,228			90,039
Net investment income (loss)		720,686			189,666			80,781			146,169
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(15,683,384	)		(640,331	)		(529,417	)		(1,226,099	)
Written options		5,492,779			(968,245	)		86,925			570,822
Change in unrealized appreciation (depreciation) on:
Investments		(9,148,430	)		1,129,868			285,677			395,728
Written options		6,864,705			—			154,714			—
Net realized and unrealized gain (loss) on investments		(12,474,330	)		(478,708	)		(2,101	)		(259,549	)
Net increase (decrease) in net assets resulting from operations	$	(11,753,644	)	$	(289,042	)	$	78,680		$	(113,380	)
* Net of foreign withholding taxes	$	4,768		$	—		$	184		$	31

The accompanying notes are an integral part of these financial statements.

43

Statements of Changes in Net Assets

Nationwide Nasdaq-100^® Risk-Managed Income ETF    

	Six-Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
OPERATIONS
Net investment income (loss)	$	720,686		$	720,875
Net realized gain (loss) on investments and written options		(10,190,605	)		(74,871,244	)
Change in unrealized appreciation (depreciation) on investments and written options		(2,283,725	)		(144,816,994	)
Net increase (decrease) in net assets resulting from operations		(11,753,644	)		(218,967,363	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(19,521,044	)		(720,875	)
Tax return of capital to shareholders		—			(57,824,445	)
Total distributions to shareholders		(19,521,044	)		(58,545,320	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		—			490,662,925
Payments for shares redeemed		(102,170,795	)		(213,810,745	)
Net increase (decrease) in net assets derived from capital share transactions (a)		(102,170,795	)		276,852,180
Net increase (decrease) in net assets	$	(133,445,483	)	$	(660,503	)
NET ASSETS
Beginning of period/year	$	581,639,961		$	582,300,464
End of period/year	$	448,194,478		$	581,639,961

(a) A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		—			17,750,000
Shares redeemed		(5,350,000	)		(9,150,000	)
Net increase (decrease)		(5,350,000	)		8,600,000

The accompanying notes are an integral part of these financial statements.

44

Statements of Changes in Net Assets (Continued)

Nationwide Dow Jones^® Risk-Managed Income ETF

	Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
OPERATIONS
Net investment income (loss)	$	189,666		$	297,800
Net realized gain (loss) on investments and written options		(1,608,576	)		(1,339,552	)
Change in unrealized appreciation (depreciation) on investments		1,129,868			(2,511,280	)
Net increase (decrease) in net assets resulting from operations		(289,042	)		(3,553,032	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(975,530	)		(297,800	)
Tax return of capital to shareholders		—			(1,183,693	)
Total distributions to shareholders		(975,530	)		(1,481,493	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		7,057,565			35,314,620
Payments for shares redeemed		(11,136,735	)		—
Net increase (decrease) in net assets derived from capital share transactions (a)		(4,079,170	)		35,314,620
Net increase (decrease) in net assets	$	(5,343,742	)	$	30,280,095
NET ASSETS
Beginning of period	$	30,280,095		$	—
End of period	$	24,936,353		$	30,280,095

(a) A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		350,000			1,450,000
Shares redeemed		(550,000	)		—
Net increase (decrease)		(200,000	)		1,450,000

(1) Fund inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to August 31, 2022.

The accompanying notes are an integral part of these financial statements.

45

Statements of Changes in Net Assets (Continued)

Nationwide Russell 2000^® Risk-Managed Income ETF

	Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
OPERATIONS
Net investment income (loss)	$	80,781		$	58,258
Net realized gain (loss) on investments and written options		(442,492	)		(252,203	)
Change in unrealized appreciation (depreciation) on investments and written options		440,391			(1,789,105	)
Net increase (decrease) in net assets resulting from operations		78,680			(1,983,050	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(459,479	)		(58,656	)
Tax return of capital to shareholders		—			(759,694	)
Total distributions to shareholders		(459,479	)		(818,350	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		—			17,551,575
Payments for shares redeemed		—			(1,082,205	)
Net increase (decrease) in net assets derived from capital share transactions (a)		—			16,469,370
Net increase (decrease) in net assets	$	(380,799	)	$	13,667,970
NET ASSETS
Beginning of period	$	13,667,970		$	—
End of period	$	13,287,171		$	13,667,970

(a) A summary of capital share transactions is as follows:

	Shares		Shares
Shares sold		—		700,000
Shares redeemed		—		(50,000	)
Net increase (decrease)		—		650,000

(1) Fund inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to August 31, 2022.

The accompanying notes are an integral part of these financial statements.

46

Statements of Changes in Net Assets (Continued)

Nationwide S&P 500^® Risk-Managed Income ETF

	Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
OPERATIONS
Net investment income (loss)	$	146,169		$	175,290
Net realized gain (loss) on investments and written options		(655,277	)		(1,081,197	)
Change in unrealized appreciation (depreciation) on investments		395,728			(2,812,265	)
Net increase (decrease) in net assets resulting from operations		(113,380	)		(3,718,172	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(910,594	)		(175,290	)
Tax return of capital to shareholders		—			(1,267,310	)
Total distributions to shareholders		(910,594	)		(1,442,600	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		—			35,145,035
Payments for shares redeemed		(8,944,590	)		—
Net increase (decrease) in net assets derived from capital share transactions (a)		(8,944,590	)		35,145,035
Net increase (decrease) in net assets	$	(9,968,564	)	$	29,984,263
NET ASSETS
Beginning of period	$	29,984,263		$	—
End of period	$	20,015,699		$	29,984,263

(a) A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		—			1,450,000
Shares redeemed		(450,000	)		—
Net increase (decrease)		(450,000	)		1,450,000

(1) Fund inception date of December 16, 2021. The information shown is for the period from December 16, 2021 to August 31, 2022.

The accompanying notes are an integral part of these financial statements.

47

Financial Highlights

For a capital share outstanding throughout the period/year

Nationwide Nasdaq-100^® Risk-Managed Income ETF    

	Six-Months Ended February 28, 2023			Year Ended August 31,						Period Ended August 31,
	(Unaudited)			2022			2021			2020 (1)
Net asset value, beginning of period/year	$	20.09		$	28.61		$	28.13		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.03			0.02			0.02			0.05
Net realized and unrealized gain (loss) on investments (7)		(0.38	)		(6.64	)		2.59			4.61
Total from investment operations		(0.35	)		(6.62	)		2.61			4.66
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.75	)		(0.02	)		(0.02	)		(0.04	)
Tax return of capital to shareholders		—			(1.88	)		(2.11	)		(1.49	)
Total distributions to shareholders		(0.75	)		(1.90	)		(2.13	)		(1.53	)
Net asset value, end of period/year	$	18.99		$	20.09		$	28.61		$	28.13
Total return		-1.70	%(3)		-24.09	%		9.61	%(4)		19.72	%(3)(4)
SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	448,194		$	581,640		$	582,300		$	128,008
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%(5)		0.68	%		0.68	%		0.68	%(5)
Net investment income (loss) to average net assets		0.29	%(5)		0.10	%		0.07	%		0.25	%(5)
Portfolio turnover rate (6)		18	%(3)		24	%		10	%		11	%(3)

⁽¹⁾ Inception date of December 19, 2019.

⁽²⁾ Calculated based on average shares outstanding during the period/year.

⁽³⁾ Not annualized.

⁽⁴⁾ The return reflects the actual performance for the period and does not include the impact of adjustments made in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Had the adjustments been included, the total return for the periods ended August 31, 2021 and 2020 would have been 9.96% and 19.33%, respectively.

⁽⁵⁾ Annualized.

⁽⁶⁾ Excludes the impact of in-kind transactions.

⁽⁷⁾ Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

48

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide Dow Jones^® Risk-Managed Income ETF

	Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
Net asset value, beginning of period	$	20.88		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.14			0.24
Net realized and unrealized gain (loss) on investments (6)		(0.36	)		(3.15	)
Total from investment operations		(0.22	)		(2.91	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.71	)		(0.24	)
Tax return of capital to shareholders		—			(0.97	)
Total distributions to shareholders		(0.71	)		(1.21	)
Net asset value, end of period	$	19.95		$	20.88
Total return		-1.03	%(3)		-11.97	%(3)
SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	24,936		$	30,280
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%(4)		0.68	%(4)
Net investment income (loss) to average net assets		1.37	%(4)		1.50	%(4)
Portfolio turnover rate (5)		1	%(3)		15	%(3)

⁽¹⁾ Inception date of December 16, 2021.

⁽²⁾ Calculated based on average shares outstanding during the period.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ Excludes the impact of in-kind transactions.

⁽⁶⁾ Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

49

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide Russell 2000^® Risk-Managed Income ETF

		Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
Net asset value, beginning of period	$	21.03		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.12			0.09
Net realized and unrealized gain (loss) on investments (6)		(0.00	)(7)		(2.84	)
Total from investment operations		0.12			(2.75	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.71	)		(0.09	)
Tax return of capital to shareholders		—			(1.13	)
Total distributions to shareholders		(0.71	)		(1.22	)
Net asset value, end of period	$	20.44		$	21.03
Total return		0.68	%(3)		-11.37	%(3)
SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	13,287		$	13,668
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%(4)		0.68	%(4)
Net investment income (loss) to average net assets		1.24	%(4)		0.53	%(4)
Portfolio turnover rate (5)		0	%(3)		23	%(3)

⁽¹⁾ Inception date of December 16, 2021.

⁽²⁾ Calculated based on average shares outstanding during the period.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ Excludes the impact of in-kind transactions.

⁽⁶⁾ Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁷⁾ Represents less than $0.005/share.

The accompanying notes are an integral part of these financial statements.

50

Financial Highlights (Continued)

For a capital share outstanding throughout the period

Nationwide S&P 500^® Risk-Managed Income ETF

		Six-Months Ended February 28, 2023 (Unaudited)			Period Ended August 31, 2022 (1)
Net asset value, beginning of period	$	20.68		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.11			0.14
Net realized and unrealized gain (loss) on investments (6)		(0.07	)		(3.26	)
Total from investment operations		0.04			(3.12	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.70	)		(0.14	)
Tax return of capital to shareholders		—			(1.06	)
Total distributions to shareholders		(0.70	)		(1.20	)
Net asset value, end of period	$	20.02		$	20.68
Total return		0.28	%(3)		-12.84	%(3)
SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	20,016		$	29,984
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.68	%(4)		0.68	%(4)
Net investment income (loss) to average net assets		1.10	%(4)		0.89	%(4)
Portfolio turnover rate (5)		10	%(3)		13	%(3)

⁽¹⁾ Inception date of December 16, 2021.

⁽²⁾ Calculated based on average shares outstanding during the period.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ Excludes the impact of in-kind transactions.

⁽⁶⁾ Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

51

Notes to Financial Statements

February 28, 2023 (Unaudited)

NOTE 1 – ORGANIZATION

Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF are each a non-diversified series (individually each a “Fund” or collectively the “Funds”) of ETF Series Solutions (“ESS” or the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of each Fund is to seek current income with downside protection. The inception date for Nationwide Nasdaq-100^® Risk-Managed Income ETF is December 19, 2019. The inception date for Nationwide Dow Jones^® Risk-Managed Income ETF, Nationwide Russell 2000^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF is December 16, 2021.

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six-month period from September 1, 2022 through February 28, 2023 (the “current fiscal period”).

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. GAAP.

A. Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market^®, Nasdaq Global Select Market^® and the Nasdaq Capital Market^® exchanges (collectively, “Nasdaq”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value (“NAV”) per share.

Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options will be priced at intrinsic value. The Funds’ Valuation Designee may also use other valuation methods in certain instances.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds’ Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

52

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds’ investments as of the end of the current fiscal period:

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	439,972,757	$	—	$	—	$	439,972,757
Purchased Options		—		7,809,175		—		7,809,175
Short-Term Investments		1,603,115		—		—		1,603,115
Total Investments in Securities, at value	$	441,575,872	$	7,809,175	$	—	$	449,385,047

Liabilities^	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	1,372,400	$	—	$	1,372,400
Total Written Options, at value	$	—	$	1,372,400	$	—	$	1,372,400

Nationwide Dow Jones^® Risk-Managed Income ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	24,125,506	$	—	$	—	$	24,125,506
Purchased Options		—		177,120		—		177,120
Short-Term Investments		615,308		—		—		615,308
Total Investments in Securities, at value	$	24,740,814	$	177,120	$	—	$	24,917,934

53

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	12,562,726	$	—	$	—		$	12,562,726
Contingent Value Rights		—		—		0	*		0	*
Purchased Options		—		157,300		—			157,300
Short-Term Investments		602,035		—		—			602,035
Total Investments in Securities, at value	$	13,164,761	$	157,300	$	0	*	$	13,322,061

Liabilities^	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	45,500	$	—	$	45,500
Total Written Options, at value	$	—	$	45,500	$	—	$	45,500

Nationwide S&P 500^® Risk-Managed Income ETF

Assets^	Level 1		Level 2		Level 3			Total
Common Stocks	$	19,169,505	$	—	$	—		$	19,169,505
Contingent Value Rights		—		—		0	*		0	*
Purchased Options		—		211,920		—			211,920
Short-Term Investments		721,866		—		—			721,866
Total Investments in Securities, at value	$	19,891,371	$	211,920	$	0	*	$	20,103,291

^ See Schedules of Investments and Schedules of Written Options for breakout of investments by sector classification and contract type.

* Represents less than $0.50.

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

B. Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C. Federal Income Taxes. The Funds’ policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and various state and local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

54

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

D. Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income or return of capital and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

E. Distributions to Shareholders. Distributions to shareholders from net investment income or return of capital are declared and paid monthly and realized gains on securities are declared and paid by the Funds on an annual basis. Distributions are recorded on the ex-dividend date.

F. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

G. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange, Inc. (“NYSE”) is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund’s NAV per share.

H. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

I. Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year/period ended August 31, 2022, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	(35,548,034	)	$	35,548,034
Nationwide Dow Jones® Risk-Managed Income ETF		—			—
Nationwide Russell 2000® Risk-Managed Income ETF		29,320			(29,320	)
Nationwide S&P 500® Risk-Managed Income ETF		—			—

55

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

During the fiscal year/period ended August 31, 2022, the Funds realized the following net capital gains/losses resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains/losses are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid-in capital.

Nationwide Nasdaq-100® Risk-Managed Income ETF	$	35,548,034
Nationwide Dow Jones® Risk-Managed Income ETF		—
Nationwide Russell 2000® Risk-Managed Income ETF		(29,320	)
Nationwide S&P 500® Risk-Managed Income ETF		—

J. Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds’ financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Nationwide Fund Advisors (“NFA” or the “Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is responsible for arranging, in consultation with Harvest Volatility Management, LLC (the “Sub-Adviser”): transfer agency, custody, fund administration and accounting, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and distribution (12b-1) fees and expenses. For services provided to the Funds, each Fund pays the Adviser a unified management fee, calculated daily and paid monthly, at an annual rate of 0.68% based on each Fund’s average daily net assets. The Adviser is responsible for paying the Sub-Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ Custodian, transfer agent and accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ Custodian.

A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities, options, and in-kind transactions were as follows:

Fund	Purchases		Sales
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	92,279,848	$	90,779,197
Nationwide Dow Jones® Risk-Managed Income ETF		268,825		6,311,282
Nationwide Russell 2000® Risk-Managed Income ETF		7,319		268,932
Nationwide S&P 500® Risk-Managed Income ETF		2,516,158		3,365,012

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

56

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

During the current fiscal period, the in-kind security transactions associated with creations and redemptions were as follows:

Fund	In-Kind Purchases		In-Kind Sales
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	—	$	100,134,829
Nationwide Dow Jones® Risk-Managed Income ETF		6,882,201		7,894,269
Nationwide Russell 2000® Risk-Managed Income ETF		—		—
Nationwide S&P 500® Risk-Managed Income ETF		—		8,567,714

NOTE 5 – ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS

The following disclosures provide information on the Funds’ use of derivatives. The location and value of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statements of Operations are included in the following tables.

Options Contracts. The Funds may purchase call and put options. The Funds may also write options. When the Funds purchase a call or put option, an amount equal to the premium paid is included in the Statement of Assets and Liabilities as an investment and is subsequently adjusted to reflect the value of the option. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the loss of the premium paid.

A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium. When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds’ use of derivatives is to hedge or mitigate the downside risk associated with owning equity securities.

The average monthly volume of derivative activity during the current fiscal period was as follows:

	Average Monthly Value
Fund	Purchased Options		Written Options
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	7,467,499	$	(8,451,782	)
Nationwide Dow Jones® Risk-Managed Income ETF		103,197		(583,291	)
Nationwide Russell 2000® Risk-Managed Income ETF		148,985		(323,754	)
Nationwide S&P 500® Risk-Managed Income ETF		262,950		(485,138	)

57

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

The effect of derivative instruments on the Statements of Assets and Liabilities as of the current fiscal period end is as follows:

		Asset Derivatives
Fund	Derivatives Not Accounted for as Hedging Instruments	Location	Value
Nationwide Nasdaq-100® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	7,809,175
Nationwide Dow Jones® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	177,120
Nationwide Russell 2000® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	157,300
Nationwide S&P 500® Risk-Managed Income ETF	Equity Contracts - Purchased Options	Investments in securities, at value	$	211,920

		Liability Derivatives
Fund	Derivatives Not Accounted for as Hedging Instruments	Location	Value
Nationwide Nasdaq-100® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	(1,372,400	)
Nationwide Russell 2000® Risk-Managed Income ETF	Equity Contracts - Written Options	Written Options, at Value	$	(45,500	)

The effect of derivative instruments on the Statements of Operations for the current fiscal period is as follows:

Fund	Derivatives Not Accounted for as Hedging Instruments	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Nationwide Nasdaq-100® Risk-Managed Income ETF	Equity Contracts - Purchased Options	$	9,000,114	*	$	(19,950,634	)**
Nationwide Nasdaq-100® Risk-Managed Income ETF	Equity Contracts - Written Options		5,492,779			6,864,705
Nationwide Dow Jones® Risk-Managed Income ETF	Equity Contracts - Purchased Options		(748,325	)*		(94,386	)**
Nationwide Dow Jones® Risk-Managed Income ETF	Equity Contracts - Written Options		(968,245	)		—
Nationwide Russell 2000® Risk-Managed Income ETF	Equity Contracts - Purchased Options		(570,609	)*		(99,110	)**
Nationwide Russell 2000® Risk-Managed Income ETF	Equity Contracts - Written Options		86,925			154,714
Nationwide S&P 500® Risk-Managed Income ETF	Equity Contracts - Purchased Options		851,244	*		(166,926	)**
Nationwide S&P 500® Risk-Managed Income ETF	Equity Contracts - Written Options		570,822			—

* Included in net realized gain (loss) on investments as reported in the Statements of Operations.

** Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statements of Operations.

58

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

NOTE 6 – INCOME TAX INFORMATION

The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of tax basis cost of investments and distributable earnings (accumulated deficit) for federal income tax purposes at August 31, 2022, were as follows:

	Nationwide Nasdaq-100® Risk-Managed Income ETF			Nationwide Dow Jones® Risk-Managed Income ETF			Nationwide Russell 2000® Risk-Managed Income ETF			Nationwide S&P 500® Risk-Managed Income ETF
Tax cost of investments	$	677,574,519		$	34,280,431		$	15,575,705		$	33,071,818
Gross tax unrealized appreciation	$	50,245,571		$	857,482		$	990,143		$	1,167,128
Gross tax unrealized depreciation		(142,587,878	)		(3,950,548	)		(2,901,904	)		(4,288,626	)
Net tax unrealized appreciation (depreciation)		(92,342,307	)		(3,093,066	)		(1,911,761	)		(3,121,498	)
Undistributed ordinary income		—			—			—			—
Undistributed long-term capital gains		—			—			—			—
Other accumulated gain (loss)		(130,484,900	)		(757,766	)		(100,625	)		(771,964	)
Distributed earnings (accumulated deficit)	$	(222,827,207	)	$	(3,850,832	)	$	(2,012,386	)	$	(3,893,462	)

The difference between book and tax-basis cost is due primarily to timing differences in recognizing wash sale losses in security transactions and tax treatment of certain derivatives.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds’ taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2022, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of August 31, 2022, the Funds had the following capital loss carryforward available for federal income tax purposes, with an indefinite expiration:

	Short-Term		Long-Term
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	64,875,326	$	65,609,574
Nationwide Dow Jones® Risk-Managed Income ETF		386,073		371,693
Nationwide Russell 2000® Risk-Managed Income ETF		100,625		—
Nationwide S&P 500® Risk-Managed Income ETF		495,283		—

59

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

The tax character of distributions declared by the Funds during the year/period ended August 31, 2022 and period ended August 31, 2021 was as follows:

	Year/Period Ended August 31, 2022
Fund	Ordinary Income		Long Term Capital Gain		Return of Capital
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	720,875	$	—	$	57,824,445
Nationwide Dow Jones® Risk-Managed Income ETF		297,800		—		1,183,693
Nationwide Russell 2000® Risk-Managed Income ETF		58,656		—		759,694
Nationwide S&P 500® Risk-Managed Income ETF		175,290		—		1,267,310

	Year Ended August 31, 2021
Fund	Ordinary Income		Long Term Capital Gain		Return of Capital
Nationwide Nasdaq-100® Risk-Managed Income ETF	$	189,278	$	—	$	20,717,538
Nationwide Dow Jones® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide Russell 2000® Risk-Managed Income ETF		N/A		N/A		N/A
Nationwide S&P 500® Risk-Managed Income ETF		N/A		N/A		N/A

NOTE 7 – SHARE TRANSACTIONS

Shares of the Funds are listed and traded on New York Stock Exchange Arca, Inc. (“NYSE Arca”). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 shares. The general blocks of shares issued or redeemed are called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for Nationwide Nasdaq-100^® Risk-Managed Income ETF, Nationwide Dow Jones^® Risk-Managed Income ETF and Nationwide S&P 500^® Risk-Managed Income ETF is $500, payable to the Custodian. The standard fixed transaction fee for Nationwide Russell 2000^® Risk-Managed Income ETF is $750, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the Capital Shares Transactions section of each Statement of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

60

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

NOTE 8 – RISKS

COVID-19 Risk. The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

Derivatives Risk. The Funds invest in options that derive their performance from the performance of an underlying reference asset. Derivatives, such as the options in which the Funds invest, can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may have investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Funds. The Funds could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their reference asset, or if the Funds are unable to purchase or liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for derivatives.

Sector Risk. To the extent the Funds invest more heavily in particular sectors of the economy, their performance will be especially sensitive to developments that significantly affect those sectors.

NOTE 9 – BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under section 2(a)(9) of the Investment Company Act of 1940. As of the end of the current fiscal period, ownership by affiliated funds and the parent company of the Adviser was as follows:

Fund	Shares Owned		Percentage of Total Shares Outstanding
Nationwide Dow Jones® Risk-Managed Income ETF		600,000		48.00	%
Nationwide Russell 2000® Risk-Managed Income ETF		590,000		90.77	%
Nationwide S&P 500® Risk-Managed Income ETF		600,000		60.00	%

61

Expense Examples

For the Six-Months Ended February 28, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below in the Expense Example tables.

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Nationwide Nasdaq-100^® Risk-Managed Income ETF

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During the Period(1)
Actual	$1,000.00	$ 983.00	$3.34
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021.42	$3.41

(1) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide Dow Jones^® Risk-Managed Income ETF

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During the Period(2)
Actual	$1,000.00	$ 989.70	$3.35
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021.42	$3.41

(2) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

62

Expense Examples (Continued)

For the Six-Months Ended February 28, 2023 (Unaudited)

Nationwide Russell 2000^® Risk-Managed Income ETF

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During the Period(3)
Actual	$1,000.00	$ 1,006.80	$3.38
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021.42	$3.41

(3) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

Nationwide S&P 500^® Risk-Managed Income ETF

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During the Period(4)
Actual	$1,000.00	$ 1,002.80	$3.38
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,021.42	$3.41

(4) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 181/365, to reflect the one-half year period.

63

Review of Liquidity Risk Management Program (Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Series”), has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Series’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2022. The report concluded that the Program is reasonably designed to assess and manage the Series’ liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series’ exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

64

Federal Tax Information (Unaudited)

For the fiscal year/period ended August 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Nationwide Nasdaq-100® Risk-Managed Income ETF	100%
Nationwide Dow Jones® Risk-Managed Income ETF	100%
Nationwide Russell 2000® Risk-Managed Income ETF	100%
Nationwide S&P 500® Risk-Managed Income ETF	100%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year/period ended August 31, 2022 was as follows:

Nationwide Nasdaq-100® Risk-Managed Income ETF	100%
Nationwide Dow Jones® Risk-Managed Income ETF	100%
Nationwide Russell 2000® Risk-Managed Income ETF	100%
Nationwide S&P 500® Risk-Managed Income ETF	100%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

Nationwide Nasdaq-100® Risk-Managed Income ETF	0%
Nationwide Dow Jones® Risk-Managed Income ETF	0%
Nationwide Russell 2000® Risk-Managed Income ETF	0%
Nationwide S&P 500® Risk-Managed Income ETF	0%

Information About Portfolio Holdings (Unaudited)

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds’ website at www.etf.nationwide.com. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.etf.nationwide.com daily.

Information About Proxy Voting (Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.etf.nationwide.com.

When available, information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC’s website at www.sec.gov.

Information About the Funds’ Trustees (Unaudited)

The SAI includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (800) 617-0004 or by accessing the SEC’s website at www.sec.gov or by accessing the Funds’ website at www.etf.nationwide.com.

Frequency Distribution of Premiums and Discounts (Unaudited)

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.etf.nationwide.com.

65

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Adviser

Nationwide Fund Advisors
One Nationwide Plaza
Columbus, Ohio 43215

Sub-Adviser

Harvest Volatility Management, LLC
420 Lexington Avenue, Suite 2620
New York, New York 10170

Distributor

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

Custodian

U.S. Bank National Association
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Ave, NW
Washington, DC 20004

Nationwide Nasdaq-100^® Risk-Managed Income ETF

Symbol – NUSI CUSIP – 26922A172

Nationwide Dow Jones^® Risk-Managed Income ETF

Symbol – NDJI CUSIP – 26922B758

Nationwide Russell 2000^® Risk-Managed Income ETF

Symbol – NTKI CUSIP – 26922B741

Nationwide S&P 500^® Risk-Managed Income ETF

Symbol – NSPI CUSIP – 26922B766

SAR-ETF (4/23)

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	ETF Series Solutions
By (Signature and Title)	/s/ Kristina R. Nelson
	Kristina R. Nelson, President (principal executive officer)
Date	4/21/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Kristina R. Nelson
	Kristina R. Nelson, President (principal executive officer)
Date	4/21/2023

By (Signature and Title)*	/s/ Kristen M. Weitzel
	Kristen M. Weitzel, Treasurer (principal financial officer)
Date	4/21/2023

* Print the name and title of each signing officer under his or her signature.